TCREUR_Public/070508.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 8, 2007, Vol. 8, No. 90

                            Headlines


A U S T R I A

ALFRED BERNER: Claims Registration Period Ends May 22
BIOENERGIE BERNARD: Claims Registration Period Ends May 23
BSF LLC: Vienna Court Orders Business Shutdown
GIENER LLC: Claims Registration Period Ends May 29
GTK LLC: Claims Registration Period Ends May 29

HIRSCH & PARTNER: Claims Registration Period Ends May 29
JOHANN THALLAUER: Claims Registration Period Ends May 29
MARTH KEG: Claims Registration Period Ends June 1
NUTRO PRODUCTS: Mars Inc. Plans to Buy Pet Food Manufacturer
NUTRO PRODUCTS: Moody's Reviews Ratings for Possible Downgrade

NUTRO PRODUCTS: S&P Revises Watch to Positive on Mars Takeover


B E L G I U M

CHIQUITA BRANDS: Selling Cargo Vessels for US$277 Million
CHIQUITA BRANDS: Incurs US$3.4 Million Net Loss in First Quarter
CHIQUITA BRANDS: Weak Quarter Results Cue S&P's Negative Watch
ELECTRONIC DATA: Earns US$164 Million in First Quarter 2007
HUDSON HIGHLAND: Robert W. Baird Keeps Outperform Rating on Firm


D E N M A R K

EASTMAN KODAK: Posts US$151 Million Net Loss in First Quarter
GRAPHIC PACKAGING: Moody's Rates US$1.36 Bln Sr. Facility at Ba2
NORTEL NETWORKS: Posts US$103 Mln Net Loss in First Quarter 2007


F R A N C E

REXEL SA: Fitch Lifts IDR to BB with Positive Outlook
XERIUM TECHNOLOGIES: Secures Amendment to Senior Credit Facility


G E R M A N Y

BACOC GMBH: Claims Registration Period Ends June 20
BAUELEMENTE LINNER: Claims Registration Period Ends June 4
BAUR & CO: Claims Registration Period Ends June 20
BEKLEIDUNGSWERKE EMIL: Claims Registration Period Ends June 15
BEST SALES: Claims Registration Period Ends June 15

CLEAN MASTER: Claims Registration Period Ends June 11
COGNIS GMBH: Fitch Affirms IDR at B with Stable Outlook
COMERGRO GMBH: Claims Registration Period Ends June 5
DAIMLERCHRYSLER: Magna is Chrysler's Sole Serious Bidder: Paper
EICHLER AUTOMOBILE: Claims Registration Period Ends June 20

EIGENHEIMBAU GMBH: Claims Registration Period Ends May 11
EUROPLAN 2000: Creditors' Meeting Slated for June 14
EVIDENT GMBH: Creditors' Meeting Slated for June 11
FAIR-WAY GMBH: Claims Registration Ends June 15
FROEHLICH BAUELEMENTE: Claims Registration Ends June 28

GERHARD VORLAUFER: Creditors' Meeting Slated for May 10
GFI GESELLSCHAFT: Claims Registration Period Ends May 25
GOALPLANET GMBH: Claims Registration Ends May 31
KLOECKNER PENTAPLAST: Moody's Reviews Ratings Over Possible Sale
KNOEPFLE VERLAGSAUSLIEFERUNGS: Claims Registration Ends June 14

KUECHENHAUS TOTAL: Creditors' Meeting Slated for June 25
LINDNER ELEKTRONIK: Claims Registration Period Ends May 9
LOHFINK ENTSORGUNG: Creditors' Meeting Slated for May 30
MICRONOMICS VERWALTUNGS: Creditors' Meeting Slated for June 11
MOEBEL-REHWALD GMBH: Claims Registration Ends June 28

MONTAGESERVICE NORD: Creditors' Meeting Slated for June 1
NORIS DRUCKVERWALTUNG: Claims Registration Period Ends May 14
NRG ENERGY: Earns US$65 Million in 2007 First Quarter
NRG ENERGY: Moody's Holds Corporate Family Rating at Ba3
NRG ENERGY: S&P Lifts Rating on US$4.7 Billion Unsec. Bonds to B

NRG ENERGY: Pursues Comprehensive Capital Allocation Plan
NRG ENERGY: Fitch Says Common Dividend Plan Won't Affect Ratings
PLAN-UND PRUEF: Claims Registration Period Ends June 5
RATHAUSHOTEL OBERWIESENTHAL: Claims Registration Ends June 14
RESTAURATION UND HANDEL: Claims Registration Period Ends June 1

SCHILDERWERK LEIPZIG: Claims Registration Period Ends June 14
TROLLEX TROCKENBAUSERVICE: Creditors' Meeting June 26
TRW AUTOMOTIVE: Credit Suisse Keeps Outperform Rating on Shares
VOLMER INNOVATIVE: Claims Registration Period Ends June 6
WIS INDUSTRIESERVICE: Claims Registration Period Ends June 10


H U N G A R Y

AES CORP: Unit Faces Nasdaq Delisting Due to Late 10-K Filing


I R E L A N D

DEKANIA EUROPE: Fitch Puts BB- Ratings on EUR4 Mln Class F Notes
RASPADSKAYA SECURITY: Fitch Rates Proposed Notes Issue at B+/RR4


I T A L Y

CORDUSIO RMBS: Fitch Rates EUR19.5 Million Class E Notes at BB


K A Z A K H S T A N

ALMA-ATA URAL: Creditors Must File Claims by June 8
EVROPEISKAYA PODSHIPNIKOVAYA: Creditors' Claims Due June 8
HALYK BANK: Fitch Assigns BB+ Ratings to US$700 Million Loan
INVEST PLUS: Proof of Claim Deadline Slated for June 13
NEWPROMSERVICE LLP: Claims Registration Ends June 8

SOIUZ VOSTOK: Claims Filing Period Ends June 8
SP AGROMASHDETAIL: Creditors Must File Claims by June 8
STATUS KYZYLORDA: Creditors' Claims Due June 8
TRANS UNIVERSAL: Proof of Claim Deadline Slated for June 8


K Y R G Y Z S T A N

ADASK LLC: Insolvency Manager Sets May 11 Asset Auction
BAKTYM LLC: Creditors' Meeting Slated for May 11


L U X E M B O U R G

KLOECKNER PENTAPLAST: Moody's Reviews Ratings Over Possible Sale


N E T H E R L A N D S

KONINKLIJKE AHOLD: S&P Raises Ratings to BBB- from BB+
LIBBEY INC: Board Declares US$0.025 Per Share Quarterly Dividend
STICHTING PROFILE: Fitch Affirms BB Ratings on Class E Notes


P O R T U G A L

INTERTAPE POLYMER: Agrees to Sell Stake to Littlejohn Fund


R U S S I A

ALTAIR-TRANS CJSC: Creditors Must File Claims by June 14
BALAKHTINSKOYE CJSC: Asset Sale Slated for May 15
EAR OF PRISHIMYE: Creditors Must File Claims by May 14
ENERGY INVESTMENTS: Creditors Must File Claims by May 14
FRIGATE CJSC: Creditors Must File Claims by June 14

GORSKOYE OJSC: Creditors Must File Claims by May 14
GRIBANOVSKIY SUGAR: Creditors Must File Claims by June 14
HOME CREDIT: S&P Lifts Rating to B+ on Likely Parental Support
INTER-RESOURCE OJSC: Creditors Must File Claims by May 14
RASPADSKAYA OJSC: Fitch Assign B+ Ratings with Stable Outlook

ROS-MIN-VODY: Creditors Must File Claims by May 14
ROSLAYN CJSC: Creditors Must File Claims by May 14
ROSTEK-MURMANSK CJSC: Creditors Must File Claims by May 14
SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by June 14
SEVERSTAL OAO: Annual General Meeting Slated for June 15

STANDARD BANK: S&P Lifts Ratings to BB- on Sustained Growth
STAROYURYEV-AGRO-PROM-KHIMIYA: Claims Filing Period Ends May 14
VELSKAYA OJSC: Creditors Must File Claims by May 14
VOLOGODSKAYA HOLDING: Creditors Must File Claims by June 14
YUKOS OIL: Promregion Offers RUR4.9 Billion for Southern Assets


S P A I N

SANTANDER CONSUMER: S&P Assigns Junk Ratings to Class D Notes


S W E D E N

BRIGHTPOINT INC: Earns US$35.6 Million in Full Year 2006


S W I T Z E R L A N D

ABLANDSCHEN SPORTANLAGEN: Liquidation Claims Due May 23
BY THE WAY: Creditors' Liquidation Claims Due May 29
FIMA CONSULTING: Creditors' Liquidation Claims Due May 25
GROUP 3M: Zug Court Starts Bankruptcy Proceedings
JMW PUMPEN: Creditors' Liquidation Claims Due May 21

KANALWURM ABLAUFREINIGUNGS: Liquidation Claims Due May 24
SEVEN LAYERS: Zug Court Starts Bankruptcy Proceedings
WIBE LLC: Creditors' Liquidation Claims Due May 23
ZAZA RISTORANTE: Aargau Court Starts Bankruptcy Proceedings
ZYTOLAB JSC: Creditors' Liquidation Claims Due May 31


U N I T E D   K I N G D O M

ADVANSTAR COMMUNICATIONS: Gets Requisite Consents to Amend Notes
AES DATA: Proof of Claim Deadline Slated for May 31
ALERIS INTERNATIONAL: Completes EKCO Products Acquisition
ALL AMERICAN: Court Approves First Day Motions and DIP Financing
AMERICAN MEDICAL: Earns US$3.69 Million for First Quarter 2007

ARMSTRONG WORLD: Earns US$26 Million in Quarter Ended March 31
DARCY INDUSTRIES: Creditors' Meeting Slated for May 15
DECO SERIES: S&P Junks Class E Notes & Removes Negative Watch
EDWARDS UKCO: Moody's Assigns (P)B1 Rating on Strong Performance
EDWARDS UKCO: S&P Assigns BB- Credit Rating with Stable Outlook

EMI GROUP: Confirms Approach of Potential Bidders
ENERGY MANAGEMENT: Claims Filing Period Ends May 31
EPICOR SOFTWARE: Prices US$200 Mil. of 2.375% Sr. Notes Offering
FORD MOTOR: Navistar Files US$2 Billion Counter Claim
FORD MOTOR: U.S. Sales Decreased 13% to 228,623 in April

FORD MOTOR: Plans to Open Banking Unit in Russia, Aksakov Says
GENERAL MOTORS: April Sales Down 2.2%; Rental Sales Down 36%
GENERAL MOTORS: Earns US$62 Million in Quarter Ended March 31
GENERAL TRADING: Creditors' Meeting Slated for May 16
HANDMOUNT LTD: Names Malcolm Edward Fergusson Liquidator

HEALING TOUCH: Appoints Martin Williamson as Liquidator
HINDLEY ELEVATORS: Creditors' Meeting Slated for May 16
ISLE OF CAPRI: Financial Restatements Delay 10-Q Filing with SEC
ISLE OF CAPRI: Will Continue Lucaya Resort Casino Operations
JAMES SHERATON: Creditors' Meeting Slated for May 15

KL FINISHERS: Joint Liquidators Take Over Operations
LEA VALLEY: Ninos Koumettou Leads Liquidation Procedure
PRIMUS TELECOMMS: March 31 Balance Sheet Upside-Down by US$472MM
ROEBUCK ELECTRONIQUE: Creditors' Meeting Slated for May 15
ROYAL & SUN: Policyholders Have Until May 22 to Cancel Insurance

SEW-MON LTD: Creditors' Meeting Slated for May 16
SHAW GROUP: To Redeem Up to US$15.2 Million in Outstanding Notes
SHEPPINGDEN LTD: Creditors' Meeting Slated for May 16
SKYEPHARMA PLC: Posts GBP77.7 Million Net Loss in Full Year 2006
SKYEPHARMA PLC: Delisting American Depositary Shares from NASDAQ

SOLUTIA INC: March 31 Balance Sheet Upside-Down by US$1.3 Bil.
SOLUTIA INC: Gets Open-Ended Lease Decision Deadline
SULLIVAN BUSES: Creditors' Meeting Slated for May 16
SUPERSLEEP LTD: Creditors' Meeting Slated for May 15
UEC HOLDINGS: Hires Liquidators from CLB Coopers

UPSTAIRS DOWNSTAIRS: Brings In Liquidators from Wilson Field
VISTEON CORP: March 31 Balance Sheet Upside-Down by US$106 Mil.

* Menzies Chartered Accountants Merges With Callingham Crane

* Large Companies with Insolvent Balance Sheets

                            *********

=============
A U S T R I A
=============


ALFRED BERNER: Claims Registration Period Ends May 22
-----------------------------------------------------
Creditors owed money by LLC Alfred Berner (FN 81659m) have until
May 22 to file written proofs of claim to court-appointed estate
administrator Friedrich Nusterer at:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 p.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No. 14 S 73/07m).


BIOENERGIE BERNARD: Claims Registration Period Ends May 23
----------------------------------------------------------
Creditors owed money by KEG Bioenergie Bernard (FN 216147p) have
until May 23 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Rainer Herzig
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 01/533 16 95
         Fax: 01/535 56 86
         E-mail: schmidt@preslmayr.at
                 herzig@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Hagenbrunn, Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 36 S 53/07x).  Rainer
Herzig represents Dr. Schmidt in the bankruptcy proceedings.


BSF LLC: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered April 12 an order shutting
down the business of LLC BSF (FN 269247b).

Court-appointed estate administrator Kurt Freyler recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No 2 S 51/07y). Hans Rant represents Dr.
Freyler in the bankruptcy proceedings.


GIENER LLC: Claims Registration Period Ends May 29
--------------------------------------------------
Creditors owed money by LLC Giener (FN 107840p) have until
May 29 to file written proofs of claim to court-appointed estate
administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 12 (Bankr. Case No. 4 S 42/07i).  Wolfgang Leitner
represents Dr. Platzgummer in the bankruptcy proceedings.


GTK LLC: Claims Registration Period Ends May 29
-----------------------------------------------
Creditors owed money by LLC GTK (FN 242998a) have until May 29
to file written proofs of claim to court-appointed estate
administrator Erwin Senoner at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 496 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 16 (Bankr. Case No. 4 S 43/07m).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


HIRSCH & PARTNER: Claims Registration Period Ends May 29
--------------------------------------------------------
Creditors owed money by LLC Hirsch & Partner (FN 142538s) have
until May 29 to file written proofs of claim to court-appointed
estate administrator Axel Seebacher at:

         Mag. Axel Seebacher
         Bahnhofstrasse 39/EG
         9020 Klagenfurt
         Austria
         Tel: 0463/31 94 52
         Fax: 0463/319452-4
         E-mail: seebacher@recht4you.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 41 S 34/07h).


JOHANN THALLAUER: Claims Registration Period Ends May 29
--------------------------------------------------------
Creditors owed money by LLC Johann Thallauer Transporte (14 S
76/07b) have until May 29 to file written proofs of claim to
court-appointed estate administrator Georg Thum at:

         Dr. Georg Thum
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Wuermla, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 14 S 76/07b).


MARTH KEG: Claims Registration Period Ends June 1
-------------------------------------------------
Creditors owed money by KEG Marth (FN 234940a) have until June 1
to file written proofs of claim to court-appointed estate
administrator Roland Paumgarten at:

         Dr. Roland Paumgarten
         c/o Mag. Helmut Naschberger
         Josef Egger-Strasse 3
         6330 Kufstein
         Austria
         Tel: 05372/62144
         Fax: 05372/6214412
         E-mail: ra.kanzlei@advocat-tirol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No. 19 S 37/07z).  Helmut
Naschberger represents Dr. Paumgarten in the bankruptcy
proceedings.


NUTRO PRODUCTS: Mars Inc. Plans to Buy Pet Food Manufacturer
------------------------------------------------------------
Mars, Incorporated has signed a definitive agreement to acquire
the global pet food operations of Nutro Products Inc.

Closing of the purchase of Nutro from funds advised by Bain
Capital Partners LLC, a global private investment firm, is
subject to normal regulatory approvals which are expected to be
completed within a few months.  Terms of the deal were not
disclosed.

The transaction will bring together two of the most recognized
names in the petcare industry.  Nutro will operate as a stand-
alone organization within the Mars family of companies and will
maintain its commitment to the pet specialty channel.

"This acquisition will enhance our business by providing Mars
with Nutro's high quality brands," said Bob Gamgort, North
American president for Mars.  "These brands are known for
quality ingredients, unsurpassed nutrition and high consumer
loyalty.  Nutro's product portfolio, exceptional sales force,
operational excellence, and strong focus on customer service
will be an outstanding addition to our business," said Mr.
Gamgort.

Nutro president and CEO David Kravis, together with the current
management team, will continue to operate the business from its
headquarters in City of Industry, CA.  "We are proud of our
relationship with Nutro pet parents, and of the long-standing,
mutually supportive relationships we have developed with our
specialty pet store partners. We look forward to building on
those strengths and our continued commitment to them with the
support of Mars," Mr. Kravis said.

Goldman, Sachs & Co. is serving as financial advisor, and
Skadden, Arps, Slate, Meagher & Flom LLP is acting as counsel to
Mars, Incorporated.  JP Morgan Chase is serving as financial
advisor, and Ropes & Gray LLP is acting as counsel to Nutro
Products.

                    About Mars Incorporated

Headquartered in McLean, Virginia, USA, Mars, Incorporated
-- http://www.mars.com/-- is a worldwide manufacturer of
confectionery, pet food and other food products with US$18
billion (USD) in annual sales (2005).  The company is entirely
owned by the Mars family, making it one of the largest privately
owned U.S. corporations. Most of its activities in the US are
part of a division known as Masterfoods USA, based in
Hackettstown, New Jersey.

                      About Nutro Products

Based in City of Industry, California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry
and canned food, biscuits, and treats for dogs and cats.  The
company's brand names include Natural Choice, MAX, and Gourmet
Classics.  Its products are available in feed stores and pet
supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro Products' products are also distributed
worldwide, including Indonesia, Peru and Austria, among others.


NUTRO PRODUCTS: Moody's Reviews Ratings for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service changed its review for possible
downgrade of the ratings of Nutro Products, Inc., including the
corporate family rating of B2, to a review for possible upgrade.

This change in direction of the review follows the announcement
that Mars, Incorporated will acquire the global pet food
operations of Nutro, subject to regulatory approvals.  Terms of
the acquisition by Mars have not been disclosed.  Loss-given-
default assessments are also subject to change.

Ratings under review for possible upgrade:

   -- Corporate family rating at B2
   -- Probability of default rating at B2
   -- Senior secured bank term loan at Ba3
   -- Senior secured bank revolving credit agreement at Ba3
   -- Senior unsecured notes at B3
   -- Senior subordinated notes at Caa1

The prior review for possible downgrade, begun on
April 11, 2007, was based on Moody's concern that the widening
recall of wet pet foods produced by Nutro's third party
manufacturer Menu Foods and Nutro's concurrent recall of all
Nutro wet pet foods made with wheat gluten.  Moody's was
concerned that this recall would negatively impact sales and
profitability of highly leveraged Nutro, delaying Moody's
previously anticipated reduction in leverage beyond the end of
fiscal 2007.

Moody's review will focus on both the successful execution of
the acquisition, the post transaction credit profile of the
company and the ultimate disposition of the company's debt.
Should most of Nutro's debt be repaid, its ratings will be
withdrawn.

Based in California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry
and canned food, biscuits, and treats for dogs and cats.  The
company's brand names include Natural Choice, MAX, and Gourmet
Classics.  Its products are available in feed stores and pet
supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro Products' products are also distributed
worldwide, including Indonesia, Peru and Austria, among others.


NUTRO PRODUCTS: S&P Revises Watch to Positive on Mars Takeover
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
listing for Nutro Products Inc. to CreditWatch with positive
implications, from CreditWatch with negative implications.
Ratings were initially placed on CreditWatch on March 30, 2007,
reflecting concerns about the potential negative impact on sales
related to the Menu Foods pet food recall.  This included the
'B-' corporate credit rating and other ratings on the company.
CreditWatch with positive implications means that the ratings
could be affirmed or raised following the completion of Standard
& Poor's review.  Total debt outstanding at Dec. 31, 2006, was
about US$781 million.

"The revision of the CreditWatch listing to positive follows the
company's announcement that it has entered into an agreement to
be acquired by privately held Mars Inc.," said Standard & Poor's
credit analyst Bea Chiem.  Terms were not disclosed.

"We anticipate that Nutro's outstanding debt will be repaid,"
said Ms. Chiem.

Standard & Poor's will withdraw the ratings on Nutro Products
upon repayment of all debt following completion of the
transaction, which is expected within 30 to 60 days and is
subject to regulatory approval.

Based in California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry
and canned food, biscuits, and treats for dogs and cats.  The
company's brand names include Natural Choice, MAX, and Gourmet
Classics.  Its products are available in feed stores and pet
supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro Products' products are also distributed
worldwide, including Indonesia, Peru and Austria, among others.


=============
B E L G I U M
=============


CHIQUITA BRANDS: Selling Cargo Vessels for US$277 Million
---------------------------------------------------------
Chiquita Brands International Inc. has signed definitive
agreements to sell its 12 refrigerated cargo vessels for US$227
million.

The ships will be chartered back from an alliance formed by
Eastwind Maritime Inc. and NYKLauritzenCool AB.  The parties
also entered a long-term strategic agreement in which the
alliance will serve as Chiquita's preferred supplier in ocean
shipping to and from Europe and North America.

As part of the transaction, Chiquita will lease back 11 of the
vessels for a period of seven years, with options for up to an
additional five years, and one vessel for a period of three
years, with options for up to an additional two years.  The
vessels to be sold consist of eight reefer ships and four
container ships, which collectively transport approximately 70
percent of Chiquita's banana volume shipped to core markets in
Europe and North America.  The agreements also provide for the
alliance to service the remainder of Chiquita's core ocean
shipping needs for North America and Europe, including through
multiyear time charters commencing in 2008 for seven additional
reefer vessels.

"This long-term arrangement will increase our financial
flexibility, simplify our business model and allow us to
increase our focus on providing branded, healthy, fresh foods to
consumers worldwide," Fernando Aguirre, Chiquita's chairman and
chief executive officer, said.  "We are confident that the
alliance parties, whose core business is global shipping, will
ensure the continuing reliable, high-quality shipment of
Chiquita products.  The ship sale transaction will significantly
reduce our debt, and the alliance will better position us to
adapt our shipping services as we grow our business over time.
At the same time, we anticipate that this transaction will
generate synergies and help to keep operating costs competitive.
Additionally, the long-term ship leases will help insulate us
from further industry operating cost increases on a significant
portion of our logistics portfolio for several years to come."

"This transaction is an exciting and rare opportunity to acquire
a large, modern, highly efficient refrigerated fleet and to work
with one of the best names in the produce industry," John Kousi,
chairman of Eastwind Maritime, said.  "Not only is this a great
opportunity to grow with Chiquita, but it also provides an
excellent platform on which to optimize capacity and achieve
cost synergies in the global shipment of produce, which is key
to our business."

The parties expect to complete the transaction within 45 days.
The alliance parties have committed to maintain the same high
social and environmental standards and certifications that
Chiquita introduced in its shipping operations, including
International Maritime Organization, American Bureau of
Shipping, ISO 9002, and ISO 14001 safety, quality and
environmental standards as well as Chiquita's code standards
related to labor conditions.

As of March 31, 2007, the net book value of the assets to be
transferred in the transaction approximated US$125 million.
Chiquita expects to realize an after-tax gain on the transaction
of approximately US$100 million, which will be amortized over
the initial terms of the ship charters.  The cash proceeds from
the transaction will be used to repay approximately US$170
million of debt, including US$90 million of ship mortgage debt
and US$80 million in term loan and revolving credit borrowings.
The remainder will be retained for general corporate purposes,
including growth investments.  The company's total-debt-to-
capitalization ratio of 55 percent at March 31, 2007, would have
been approximately 51 percent pro forma for the debt reduction
resulting from the transaction.

While EBITDA and operating income will be reduced because of the
conversion from owned assets to operating leases, the
transaction is expected to be accretive to net income and EPS
beginning in 2007, despite US$4 million in one-time costs for
severance and the writeoff of deferred financing costs, which
will be expensed in the second quarter.  The company estimates
that it will achieve synergies of approximately US$2 million in
2007 and US$4 million in 2008 through efficiencies such as route
combinations, cargo sharing and increased backhaul revenues.

                                 Transaction's Estimated
                               Impact, Including Synergies
    (US$ millions except EPS)      2007      2008(1)

    EBITDA                         (US$12)    (US$14)
    Depreciation                        7         11
    Operating Income                   (5)        (3)
    Net Income                          1         11
    EPS                              0.03       0.25

Chiquita anticipates additional improvement during the
subsequent six-year period (2009-2014), because the company will
not incur certain inflationary operating expenses due to the
fixed lease rates established in the agreement.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                          *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


CHIQUITA BRANDS: Incurs US$3.4 Million Net Loss in First Quarter
----------------------------------------------------------------
Chiquita Brands International Inc. reported a net loss of
US$3.4 million, including a charge of US$5 million related to a
decision to exit certain unprofitable farm leases in Chile.
This compares to net income of US$19.5 million in the year-ago
period.  First quarter net sales increased by 3 percent year-
over-year to US$1.19 billion, from net sales of US$1.15 billion
in the prior year quarter.

"During the first quarter, we continued to make good progress in
both our banana and salad operations," said Fernando Aguirre,
chairman and chief executive officer.  "In Europe, we grew
volume while maintaining our premium market position and
profitability, despite last year's onerous regulatory changes.
In our North American banana business, we also grew volume,
recovered cost increases, and are successfully introducing
higher-margin, innovative products to differentiate the Chiquita
brand.

"At Fresh Express, we have strengthened our No. 1 position in
retail value-added salads and reinforced our food safety
leadership in the face of soft consumer demand for packaged
salads.  While these primary segments are improving, we have
also taken decisive actions to improve profits in our other
produce operations, including exiting certain farm operations in
Chile.

Aguirre concluded, "Overall, while we have faced several
obstacles in recent quarters, I am confident that Chiquita is on
the right path, and we saw tangible signs of progress in the
first quarter. We remain committed to deliver sustainable,
profitable growth, and we expect 2007 to be a positive step in
reaching those goals."

Quarterly sales rose primarily due to increased banana volume in
Europe and North America and favorable foreign exchange rates,
partly offset by lower local banana pricing in Europe.

Operating income decreased to US$18 million in the first quarter
of 2007, compared to operating income of US$39.3 million in the
first quarter of 2006, due to higher purchased fruit and other
industry costs, lower local banana pricing in the European
market, higher costs due to a record January freeze in Arizona,
which affected lettuce sourcing, and the charge related to a
decision to exit certain farm leases in Chile.  These were
partially offset by favorable year-over-year European exchange
rates and the absence of residual costs from Tropical Storm
Gamma that affected the year-ago period.

Total debt increased to US$1.06 billion at the end of the first
quarter of 2007, compared to total debt of US$1.02 billion at
March 31, 2006.  The increase in total debt was due to US$36
million of borrowings on the company's revolving credit facility
in the first quarter 2007, which brought total borrowings under
the facility to US$80 million at March 31, 2007, compared to
US$27 million at March 31, 2006.

                  Strategic Shipping Transaction

Chiquita recently announced it has signed definitive agreements
to sell its 12 refrigerated cargo vessels for US$227 million.
The ships will be chartered back from an alliance formed by
Eastwind Maritime Inc. and NYKLauritzenCool AB.  The parties
also entered a long-term strategic agreement in which the
alliance will serve as Chiquita's preferred supplier in ocean
shipping to and from Europe and North America.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- is an international
marketer and distributor of high-quality fresh and value-added
food products - from bananas and other fruits to nutritious
blends of convenient green salads.  The company markets its
products under the Chiquita(R) and Fresh Express(R) premium
brands and other related trademarks.  Chiquita employs
approximately 25,000 people operating in more than 70 countries
worldwide, including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                           *    *    *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC, as well as for its parent
Chiquita Brands International Inc.  Moody's said the outlook on
all ratings is stable.

Standard & Poor's Ratings Services also lowered its ratings on
Chiquita Brands International Inc., including its corporate
credit rating, from 'B+' to 'B'.  S&P said the ratings remain on
CreditWatch with negative implications where they were placed on
Sept. 26.


CHIQUITA BRANDS: Weak Quarter Results Cue S&P's Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on Chiquita Brands International Inc.
on CreditWatch with negative implications, meaning that the
ratings could be lowered or affirmed following the completion of
their review.  Total debt outstanding at the company was about
US$1.3 billion as of March 31, 2007.

"The CreditWatch placement follows the company's announcement of
weak first-quarter operating results due to high purchased fruit
and other industry costs and lower local banana prices in
Europe," said Standard & Poor's credit analyst Alison Sullivan.
Adjusted EBITDA fell about 35% in the quarter, which resulted in
over 9x leverage for the 12 months ending March 31, 2007.  Costs
are likely to remain under pressure due to raw products, fuel,
ship charter, paper, and resin prices.

"We are concerned that operating trends and credit measures
continue to deteriorate," said Ms. Sullivan.  "Weak industry
trends, including continuing adjustment to European markets
following the tariff regime change, and uncertain timing
surrounding restoration of consumer confidence to return to
packaged salads, are likely to persist."

Standard & Poor's will review Chiquita Brands' operating and
financial plans with management before resolving the CreditWatch
listing.  Standard & Poor's will also review the impact of debt
repayment on existing recovery ratings as part of this review.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.


ELECTRONIC DATA: Earns US$164 Million in First Quarter 2007
-----------------------------------------------------------
Electronic Data System Corp. reported a net income of
US$164 million first quarter ended March 31, 2007, versus
a net income of US$24 million for the first quarter ended
March 31, 2006.

First quarter revenues increased to US$5.2 billion from
US$5.1 billion in the year-ago quarter.  First quarter revenue
decreased on an organic basis, which excludes the impact of
currency fluctuations, acquisitions and divestitures.

"EDS recorded another successful quarter as we continued to
improve our operational performance and further strengthen our
financial position," said Mike Jordan, EDS chairman and chief
executive officer.  "As EDS continues to broaden its base and
capabilities -- as well as reposition the business and develop
attractive segments -- our ability to provide effective business
solutions to our clients continues to expand."

"EDS' continued improvement in earnings reflects traction in our
key initiatives," said president and chief operating officer Ron
Rittenmeyer.  "Despite what appear to be softer market
conditions, EDS' signings were solid.  The quarter reflected
specific expansion activities in our Best Shore delivery
network; marked increases in quality assurance metrics; and,
most significantly, momentum and strength in our applications
business where we continue to grow."

EDS signed US$3.4 billion in contracts in the first quarter of
2007 versus US$10 billion in the year-ago quarter, which
included US$3.6 billion with General Motors and US$3.9 billion
with the U.S. Department of the Navy.  EDS signed seven deals in
the first quarter of 2007 with contract values greater than
US$100 million with clients in the communications, consumer
goods and retail, financial services, and manufacturing
industries.

Free cash flow was US$8 million outflow in the first quarter
versus US$38 million outflow for the year-ago period.

As of March 31, 2007, the company listed total assets valued at
US$17.8 billion, total liabilities of US$9.6 billion, and
minority interest of US$385 million, resulting in a total
stockholders' equity of US$7.9 billion.

Cash, cash equivalents and marketable securities as of
March 31, 2007, were US$2.8 billion and US$45 million,
respectively.

                  First Quarter Results by Segment

* Americas

First quarter revenue was US$2.62 billion, up compared to the
prior-year period.  Operating profit was US$405 million, up from
US$337 million in the prior-year period.

* EMEA

First quarter revenue was US$1.45 billion, down from the prior-
year period, and down on an organic basis.  Operating profit was
US$179 million, up from US$178 million in the prior-year period.

* Asia-Pacific

First quarter revenue was US$409 million, up from the prior-year
period, primarily due to MphasiS revenues.  Operating profit was
US$38 million, up from US$24 million in the prior-year period.

* U.S. Government

First quarter revenue was US$623 million, down from the prior-
year period.  Operating profit was US$122 million, up from
US$43 million in the prior-year period.

                      2007 Updated Guidance

The company reaffirms prior revenue guidance of US$22 billion to
US$22.5 billion, free cash flow guidance of US$1 billion to
US$1.1 billion, and total contract value guidance of
US$23 billion-plus.

For the second quarter of 2007, EDS currently expects revenue of
US$5.3 billion to US$5.5 billion.

                          About EDS Corp.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  EDS
founded the information technology outsourcing industry more
than 40 years ago.  EDS delivers a broad portfolio of
information technology and business process outsourcing services
to clients in the manufacturing, financial services, healthcare,
communications, energy, transportation, and consumer and retail
industries and to governments around the world.

                          *     *     *

Electronic Data Systems Corp.'s 7-1/8% Notes due 2009 carry
Moody's Investors Service's Ba1 rating.


HUDSON HIGHLAND: Robert W. Baird Keeps Outperform Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "outperform" rating on
Hudson Highland Group's shares, Newratings.com reports.

Newratings.com relates that the target price for Hudson
Highland's shares was set at US$19.

The analysts said in a research note published on May 3 that
Hudson Highland reported its results for the first quarter 2007
ahead of the estimates in all regions.

The analysts told Newratings.com that Hudson Highland's
performance in North America appears "to be stabilizing."
Profit increase in its European and Asia Pacific operations in
the first quarter 2007 was strong.

Hudson Highland's second quarter guidance seems robust,
Newratings.com states, citing Robert W. Baird.

Headquartered in New York, New York, Hudson Highland Group, Inc.
(Nasdaq: HHGP)-- http://www.hhgroup.com/-- is a provider of
permanent recruitment, contract professionals and talent
management services worldwide.  From single placements to total
outsourced solutions, Hudson helps clients achieve greater
organizational performance by assessing, recruiting, developing
and engaging the best and brightest people for their businesses.
The company employs more than 3,600 professionals serving
clients and candidates in more than 20 countries including
Argentina, Australia, Belgium, Brazil, and Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Moody's Investors Service assigned a Ba2 rating to the company's
US$7,500,000 Income Notes Due 2042.


=============
D E N M A R K
=============


EASTMAN KODAK: Posts US$151 Million Net Loss in First Quarter
-------------------------------------------------------------
Eastman Kodak Company reported financial results for the first
quarter of 2007.

The net loss for the first quarter of 2007 was US$151 million,
compared with a net loss for the first quarter of 2006 of
US$298 million, representing an improvement in earnings of
US$147 million or 49%.

Sales totaled US$2.12 billion, a decrease of 8% from US$2.29
billion in the first quarter of 2006.  Digital revenue totaled
US$1.21 billion, a 3% decrease from US$1.25 billion.

Traditional revenue totaled US$896 million, a 13% decline from
US$1.02 billion in the year ago quarter.  New Technologies
revenue was US$13 million in the first quarter, compared with
US$16 million in the year-ago period.

Kodak held US$1.02 billion in cash and cash equivalents as of
March 31, 2007, consistent with the company's goal of
maintaining at least US$1 billion in cash on its balance sheet.

As of March 31, 2007, the company's debt level was US$2.75
billion.  With the completion of the sale of Kodak's Health
Group to an affiliate of Onex Corporation, the company has now
fully repaid approximately US$1.15 billion of secured term debt.

Gross Profit was 20.2%, down from 20.5%, primarily attributable
to approximately US$30 million of adverse silver and aluminum
costs, partially offset by the favorable impact of foreign
exchange.

"I'm very pleased with our first-quarter performance, in which
we made significant progress on our two key objectives for 2007
-- new product success and cost reduction," Antonio M. Perez,
Chairman and Chief Executive Officer, Eastman Kodak Company,
said.  "Thus far the year is proceeding on plan.  Both our
Consumer Digital and Film Products groups were well ahead of
plan.  On the product side, we successfully launched a
revolutionary line of inkjet products, and at the recent AIIM/On
Demand Conference our Graphic Communications Group introduced
several award-winning products that broadened our portfolio of
solutions.  We also significantly reduced our SG&A expenses,
improved our receivables performance, and ended the quarter with
more than US$1 billion in cash on our balance sheet.  When we
conclude the sale of our manufacturing facility in Xiamen,
China, we will have completed the last, significant step in our
manufacturing restructuring."

At this time, the company has not yet completed the full balance
sheet and cash flow analysis adjusted for the impact of
discontinued operations. These items will be detailed in the
company's first quarter Form 10Q filing on or before May 10,
2007. However, current estimates suggest that the company
achieved a year-over-year improvement in net cash generation in
the range of US$175 million to US$200 million.  This corresponds
to an estimated improvement in net cash used in continuing
operations from operating activities in the range of US$150
million to US$175 million.

                      Updated 2007 Outlook

Kodak remains focused on three financial metrics as it continues
to transform its business:

     * net cash generation,
     * digital earnings from operations and
     * digital revenue growth.

The company has decided to increase its inkjet investment by as
much as US$50 million in order to fully capitalize on strong
customer reaction.  As a result, the company expects net cash
generation this year of greater than US$100 million (after
restructuring cash disbursements of approximately US$600
million), compared with the previous net cash generation
estimate of US$100 million to US$200 million.

Additionally, the company now expects 2007 full-year digital
earnings from operations of US$150 million to US$250 million.

Finally, the company continues to forecast 2007 digital revenue
growth of 3% to 5%, with total 2007 revenue expected to be down
between 4% and 7%.

                     Health Group Sale Closed

On April 30, 2007, the company completed the sale of its Health
Group to an affiliate of Onex Corporation for up to US$2.55
billion. At closing Kodak received US$2.35 billion in cash with
the potential to receive up to US$200 million in additional
future payments if Onex achieves certain returns with respect to
its investment.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

                          *     *     *

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.


GRAPHIC PACKAGING: Moody's Rates US$1.36 Bln Sr. Facility at Ba2
----------------------------------------------------------------
Moody's assigned Ba2 ratings to Graphic Packaging
International's proposed US$1.06 billion seven-year senior
secured term loan B and its proposed US$300 million six-year
senior secured revolving credit facility.

The proceeds of the term loan B facility will be used to
refinance the term loan C under the existing credit agreement.
The refinancing enables Graphic to extend maturities, remove
financial maintenance covenants from the term loan only, and to
benefit from lower borrowing costs.  All other ratings were
affirmed by Moody's.

Subsequent to the outlook change to negative from stable in
October of 2005, Graphic has generated operating results that
have been better than expected in 2006 and early 2007.  Energy
costs have begun to moderate, additional mill closures have been
announced in the paperboard sector, prices for CUK (coated
unbleached kraft) and CRB (coated recycled board) have
increased, cost savings have been executed, and certain
renegotiated contracts in the beverage sector have economically
benefited the company.  Even with this progress, however,
Moody's believes that flat-to-slightly negative demand levels
within the consumer packaging paper industry could affect recent
price increases and the company's ability to materially improve
margins on a sustainable basis.  Thus, the company's actual debt
reduction over the intermediate period may not support the
existing ratings.  Moody's continues to maintain a negative
outlook on the ratings based on these concerns.

Graphic's B1 corporate family rating reflects the company's
leading position in folding consumer cartons and coated
unbleached kraft paperboard, extensive customer relationships,
continued focus on cost improvements, margin stability, and
adequate liquidity.  However, the ratings also incorporate
Graphic's high leverage, weak credit metrics, and elevated input
costs.

Graphic Packaging International, Inc. (Graphic), located in
Marietta, Georgia, is a provider of paperboard packaging
solutions.


NORTEL NETWORKS: Posts US$103 Mln Net Loss in First Quarter 2007
----------------------------------------------------------------
Nortel Networks Corp. released its financials results for the
first quarter ended March 31, 2007, prepared in accordance with
United States generally accepted accounting principles.

Nortel posted US$103 million in net losses against US$2.5
billion in revenues for the first quarter ended March 31, 2007,
compared with US$171 million in net losses against US$2.4
billion in revenues for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed
US$18.7 billion in total assets, US$15.2 billion in total
liabilities and US$2.7 billion in stockholders' equity.

"I am very pleased with our revenue and gross margin performance
to start the year.  Our first quarter revenues grew 4 percent
year over year or 12 percent if you consider that we divested
our UMTS Access business at the end of last year, and we showed
positive cash flow from operations for the second quarter in a
row excluding the impact of the litigation settlement" Mike
Zafirovski, President and CEO, Nortel, said.  "While our first
quarter results demonstrated significantly improved financial
performance, we must and will continue our relentless pursuit of
customer satisfaction and business transformation to deliver on
our 2007 business plan."

                             Outlook

"For the full year 2007, we continue to expect revenues to be
flat to down slightly compared to 2006, reflecting a decrease in
revenues as a result of the UMTS Access disposition.  We expect
full year 2007 gross margin to be in the low 40's, as a
percentage of revenues, and operating margin to be at 5 percent,
or higher, of revenues, David Drinkwater, interim chief
financial officer, Nortel said.

"For the second quarter of 2007, we expect revenues to be flat
to down slightly compared to the year ago quarter.  We expect
second quarter of 2007 gross margin to be around 40, as a
percentage of revenue, and operating expenses (SG&A and R&D) to
be down by high single digits, compared to the year ago
quarter," Mr. Drinkwater added.

                          About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges Nortel does business in more than 150
countries including the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                           *    *    *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


===========
F R A N C E
===========


REXEL SA: Fitch Lifts IDR to BB with Positive Outlook
-----------------------------------------------------
Fitch Ratings upgraded Rexel SA's Issuer Default rating to 'BB'
from 'B+' and removed it from Rating Watch Positive.  A Positive
Outlook is assigned.

The rating action follows the successful final completion of the
IPO, together with the application of proceeds to debt
retirement.  This includes the full redemption of the EUR600
million senior subordinated notes issued by Ray Acquisition SCA.
Fitch has also assigned Rexel's new EUR1.8 billion senior credit
facilities post-IPO a 'BB+' rating.

These ratings have been affirmed and withdrawn:

   -- Rexel's senior secured facilities: 'BB' / 'RR2'

   -- Ray Acquisition's senior subordinated notes due 2015:
      'B-' /'RR6'

"The changes to the capital structure place the group in a
stronger position to deal with potentially softening trading
conditions in key markets such as North America, as well as more
normalized sales growth and profits, with little or no copper
inflation," said Pablo Mazzini, Director in Fitch's Leveraged
Finance team in London.  "Given its size, geographical
diversification and free cash flow generation prospects, further
de-leveraging is expected, hence the Positive Outlook."

The net de-leveraging effect from the use of IPO proceeds in the
redemption of debt and the refinancing of the LBO acquisition
debt with corporate-like loans are deemed positive rating
factors.  Furthermore, the expected cost savings derived from
the GE Supply and other bolt-on acquisitions made recently,
along with organic growth in Rexel's core European markets,
suggest good prospects for free cash flow generation.  Fitch
expects annual free cash flow at least within the range of
EUR300 million to EUR350 million between 2007 and 2009.  This
compares to an annual average figure of EUR260m between 2001 and
2004.  As a result, Fitch expects net lease-adjusted leverage to
be at the low end of 4x-4.7x range and net debt in the 3x-4x
range by 2009, all of which support a mid-to-high 'BB' rating
range.

The Positive outlook reflects Fitch's view that further rating
upside is possible although the agency will monitor the size and
profile of additional acquisitions which are debt-funded, and
the potential use of existing cash which may result in
shareholder-friendly measures such as share buybacks or
exceptional dividend pay-outs.

While some US and Canadian subsidiaries will guarantee Rexel's
obligations, the new credit facilities are considered unsecured
obligations.  Nevertheless, the rating is notched one level up
from the IDR to 'BB+' to reflect the lack of material secured
debt outstanding ranking ahead of the unsecured debt and below-
average financial leverage for the assigned rating level, in
particular after excluding the estimated portion of the
securitization of receivables for the purpose of the generic
recovery analysis.  The debt rating also reflects the underlying
resilience of Rexel's primary operations in the face of a debt
restructuring, whereby individual subsidiaries could be sold
separately to trade or financial buyers to repay debt.


XERIUM TECHNOLOGIES: Secures Amendment to Senior Credit Facility
----------------------------------------------------------------
Xerium Technologies Inc. disclosed that it has secured an
amendment to its existing senior credit facility, amended its
agreement with certain shareholders with respect to the
company's dividend reinvestment plan, changed its dividend
policy and reaffirmed elements of its investment plan.  The
company's Board of Directors also declared a cash dividend under
the new dividend policy.

"These steps together provide improved financial flexibility to
the company that we believe will enable us to capitalize more
aggressively on the long-term growth opportunities while
accelerating reduction of our debt and improving our overall
capital structure," Thomas Gutierrez, Xerium's Chief Executive
Officer, said.  "Given the additional flexibility provided in
part by the reduction in dividend, we expect to pursue our
previously-announced plans to build a clothing manufacturing
operation in Vietnam, fund additional investments in our roll
cover business, expand our presence in South America and
implement further actions aimed at reducing our overall cost
structure."

"We are also exploring expansion opportunities in Eastern Europe
consistent with our efforts to continue to improve our
competitive position in the marketplace and better serve the
needs of our customers," Mr. Gutierrez added.  "We have
identified a significant array of investment opportunities that
we believe would improve Xerium's growth profile and
profitability over time.  As such, we expect to continue to
review our capital structure and strategic alternatives to
insure that we are taking the best advantage of these
opportunities."

The amendment to the credit facility includes, among other
changes, these changes:

   * reduction of the minimum interest coverage ratio covenant
     for the period from the second quarter of 2007 through 2012
     and of the minimum fixed charge ratio covenant for the
     period from the second quarter of 2007 through 2012.

   * changes to previously existing covenant limiting dividends
     to make it more restrictive and the insertion of a covenant
     limiting the quarterly dividend payable on common stock of
     the company to not more than US$0.1125 per share in
     addition to the other restrictions on dividends.

   * reduction of mandatory excess cash flow prepayment
     percentages in the event there is Excess Cash (as defined
     in the Credit Agreement) to 40% in fiscal year 2007, 27.5%
     in fiscal year 2008, and 50% in each fiscal year
     thereafter.

   * changes to the definition of Adjusted EBITDA to add back
     Consolidated Restructuring and Growth Program Costs,
     subject to certain limitations.

   * other changes that provide enhanced flexibility to invest
     in capital expenditures, joint ventures and acquisitions,
     subject to various restrictions.

In connection with the amendment, the company paid an amendment
fee of approximately US$1.5 million, as well as other fees and
expenses.

            Dividend Reinvestment Plan Participation

In connection with the changes to the credit agreement, certain
investment entities managed directly or indirectly by Apax
Europe IV GP Co Ltd have extended their commitment to
participate in the company's dividend reinvestment plan through
Dec. 31, 2008 pursuant to terms in place under the December 2006
agreement between these Apax entities and the company.  As of
April 1, 2007, the Apax entities collectively held 23,532,351.8
shares of common stock of the company or approximately 53% of
the outstanding common stock of the company.

                       New Dividend Policy

In addition, Xerium's Board of Directors has re-evaluated the
company's existing dividend policy adopted in May 2005, and the
rate at which Xerium has paid quarterly dividends.  The Board
determined to adopt a new dividend policy under which quarterly
dividends will be paid at an amount to be determined by the
Board on a quarterly basis taking into account those factors
deemed relevant by the Board.  These factors may include such
matters as the company's financial performance, the sufficiency
of cash flow from operations to fund dividends, credit facility
limitations, growth opportunities and debt repayments
considerations.

Under the new dividend policy, on May 2, 2007, the company's
Board of Directors declared a cash dividend of US$0.1125 per
share of common stock payable on June 15, 2007, to shareholders
of record as of the close of business on June 5, 2007.  This
reflects a reduction from the quarterly dividend paid in the
preceding six quarters of US$0.225 per common share.

                          About Xerium

Xerium Technologies Inc. (NYSE: XRM) -- http://xerium.com/--  
manufactures and supplies two types of products used primarily
in the production of paper: clothing and roll covers.  The
company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 35 manufacturing
facilities in 15 countries, including Austria, Brazil and Japan,
Xerium Technologies has approximately 3,800 employees.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2007,
Moody's Investors Service downgraded Xerium Technologies':
Corporate Family Rating, to B2 from B1; Senior Secured Term
Loan, to B2 from B1; Senior Secured Revolving Credit Facility,
to B2 from B1; and Probability of Default Rating, to B2 from B1.


=============
G E R M A N Y
=============


BACOC GMBH: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors of bacoc GmbH have until June 20 to register their
claims with court-appointed insolvency manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against bacoc GmbH on April 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The Debtor can be reached at:

         bacoc GmbH
         Attn: Stefan Johannes Baustert, Manager
         Hoheluftchaussee 52
         20253 Hamburg
         Germany


BAUELEMENTE LINNER: Claims Registration Period Ends June 4
----------------------------------------------------------
Creditors of Bauelemente Linner GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Regensburg opened bankruptcy proceedings
against Bauelemente Linner GmbH on April 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/640820-0
         Fax: 0941/640820-10

The Debtor can be reached at:

         Bauelemente Linner GmbH
         Rosenhofer Str. 16
         93098 Mintraching
         Germany


BAUR & CO: Claims Registration Period Ends June 20
--------------------------------------------------
Creditors of Baur & Co. GmbH have until June 20 to register
their claims with court-appointed insolvency manager Herbert
Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Baur & Co. GmbH on April 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The Debtor can be reached at:

         Baur & Co. GmbH
         Attn: Harald Schuemann, Manager
         Steilshooper Strasse 178
         22305 Hamburg
         Germany


BEKLEIDUNGSWERKE EMIL: Claims Registration Period Ends June 15
--------------------------------------------------------------
Creditors of Bekleidungswerke Emil Wurster GmbH & Co. KG have
until June 15 to register their claims with court-appointed
insolvency manager Juergen Sulz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Tuebingen opened bankruptcy proceedings
against Bekleidungswerke Emil Wurster GmbH & Co. KG on April 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Juergen Sulz
         Rommelsbacher Str. 27
         72760 Reutlingen
         Germany

The Debtor can be reached at:

         Bekleidungswerke Emil Wurster GmbH & Co. KG
         Attn: Hans-Emil Wurster, Manager
         Carl-Zeiss-Str. 5
         72555 Metzingen
         Germany


BEST SALES: Claims Registration Period Ends June 15
---------------------------------------------------
Creditors of "Best Sales & Services" Modeagentur Frank Meyer
GmbH have until June 15 to register their claims with court-
appointed insolvency manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against "Best Sales & Services" Modeagentur Frank Meyer GmbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The Debtor can be reached at:

         "Best Sales & Services" Modeagentur Frank Meyer GmbH
         Attn: Frank Meyer, Manager
         Peutestrasse 53D
         20539 Hamburg
         Germany


CLEAN MASTER: Claims Registration Period Ends June 11
-----------------------------------------------------
Creditors of Clean Master GmbH have until June 11 to register
their claims with court-appointed insolvency manager Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against Clean Master GmbH on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The Debtor can be reached at:

         Clean Master GmbH
         Hannoeversche Str. 24
         44143 Dortmund
         Germany

         Attn: Cetin Senol, Manager
         Oesterholzstr. 111
         44145 Dortmund
         Germany


COGNIS GMBH: Fitch Affirms IDR at B with Stable Outlook
-------------------------------------------------------
Fitch Ratings affirmed Germany-based Cognis GmbH's Issuer
Default rating at 'B' with a Stable Outlook.  The rating action
follows Cognis's recent announcement to refinance its existing
EUR1.29 billion senior secured and second lien facilities as
well as EUR350 million of the existing payment-in-kind notes.

At the same time, Fitch has assigned Cognis's new undrawn
EUR250 million super senior secured revolving facility
'BB'/'RR1' ratings and new EUR1.65 billion cash-pay senior
secured floating-rate notes and loans 'BB-'/'RR2' ratings.  This
follows the successful consent of the bondholders of its 9.5%
high yield notes maturing in 2014 for the proposed refinancing.
Cognis's existing EUR345 million high-yield notes and Cognis
Holding GmbH's remaining EUR344 million PIK notes are affirmed
at 'CCC+'/'RR6' and 'CCC'/'RR6' respectively.

Furthermore, Fitch has affirmed the ratings of 'BB'/'RR1' on the
refinanced senior secured facilities and 'B-'/'RR5' on the
refinanced second lien facilities issued by Cognis Deutschland
GmbH & Co KG and its local subsidiaries and withdrawn them.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
over 65% of its EBITDA.  The rating is also supported by the
company's overall improved operating performance and the
additional financial flexibility from the back-ended refinancing
that reduces financial charges including cash interest and debt
amortization by approximately EUR55 million to EUR60 million
annually.  The rating, however, is constrained by Cognis's
higher gross cash-pay financial leverage at 5.8x, compared to
4.8x before the transaction, based on the reported FY2006-
EBITDA.  As a further result of the refinancing proposal major
debt reduction in the short to medium term will be unlikely,
delaying the de-leveraging process.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 7,700
people and operates production sites and service centres in 30
countries.  Cognis generated revenues of EUR3.372 billion and
EBITDA of EUR365 million in FY06.


COMERGRO GMBH: Claims Registration Period Ends June 5
-----------------------------------------------------
Creditors of Comergro GmbH & Co. Han-dels KG have until June 5
to register their claims with court-appointed insolvency manager
Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cottbus opened bankruptcy proceedings
against Comergro GmbH & Co. Han-dels KG on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Thomas Krafft
         Jagerallee 37 H
         14469 Potsdam
         Germany

The Debtor can be reached at:

         Comergro GmbH & Co. Han-dels KG
         Gleis 17
         03042 Cottbus
         Germany


DAIMLERCHRYSLER: Magna is Chrysler's Sole Serious Bidder: Paper
---------------------------------------------------------------
Canadian auto parts supplier Magna International Inc. is
currently the "only party seriously interested in Chrysler,"
German newspaper Automobilwoche wrote on Saturday, citing a
source familiar with the negotiations, Reuters relates.

The TCR-Europe reported on May 2 that Magna leads the race for
DaimlerChrysler AG's Chrysler Group and could grab a much larger
stake in the ailing unit, potentially taking a direct minority
ownership stake of between 25% and 50%.

According to the Reuters report, investment bankers are
intentionally leaking talks with private equity firms Cerberus
and Blackstone but these are being held "only for tactical
reasons."

Daimler is expected to make a decision this month, with a sale
to Magna slated to conclude in two months, Reuters states,
citing Automobilwoche as its source.  The German paper reported
that Daimler would initially continue to hold a stake in the
loss-making unit.  The paper also wrote that insiders say Magna
will probably sell Chrysler again once the restructuring is
successfully concluded, Reuters notes.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


EICHLER AUTOMOBILE: Claims Registration Period Ends June 20
-----------------------------------------------------------
Creditors of Eichler Automobile GmbH have until June 20 to
register their claims with court-appointed insolvency manager
Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hannover opened bankruptcy proceedings
against Eichler Automobile GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Jens Wilhelm V
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 696846-0
         Fax: 0511 696846-79

The Debtor can be reached at:

         Eichler Automobile GmbH
         Attn: Clemens Jerg, Manager
         Rendsburger Str. 9
         30659 Hannover
         Germany


EIGENHEIMBAU GMBH: Claims Registration Period Ends May 11
---------------------------------------------------------
Creditors of Eigenheimbau GmbH & Co. have until May 11 to
register their claims with court-appointed insolvency manager
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Justice Center
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Magdeburg opened bankruptcy proceedings
against Eigenheimbau GmbH & Co. on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-Mail: Heiko.Rautmann@gmx.de

The Debtor can be reached at:

         Eigenheimbau GmbH & Co.
         Attn: Detlef Rapmund, Manager
         Stuecken 9
         38820 Halberstadt
         Germany


EUROPLAN 2000: Creditors' Meeting Slated for June 14
----------------------------------------------------
The court-appointed insolvency manager for EUROPLAN 2000
Projektmanagement GmbH, Knut Rebholz, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on June 14.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 27 at the same venue.

Creditors have until July 26 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against EUROPLAN 2000 Projektmanagement GmbH on
April 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EUROPLAN 2000 Projektmanagement GmbH
         Preussenallee 33
         14052 Berlin
         Germany


EVIDENT GMBH: Creditors' Meeting Slated for June 11
---------------------------------------------------
The court-appointed insolvency manager for evident GmbH & Co.,
Dr. Mark Zeuner, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:15 a.m. on
June 11.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Schwerin opened bankruptcy proceedings
against evident GmbH & Co. on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         Beethovenstr. 13
         19053 Schwerin
         Germany

The Debtor can be reached at:

         evident GmbH & Co.
         Dreescher Markt 4
         19061 Schwerin
         Germany


FAIR-WAY GMBH: Claims Registration Ends June 15
-----------------------------------------------
Creditors of Fair-Way GmbH have until June 15 to register their
claims with court-appointed insolvency manager Dr. Hans von
Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Munich opened bankruptcy proceedings
against Fair-Way GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fair-Way GmbH
         Bertholdstr. 1
         80809 Munich
         Germany


FROEHLICH BAUELEMENTE: Claims Registration Ends June 28
-------------------------------------------------------
Creditors of Froehlich Bauelemente GmbH have until June 28 to
register their claims with court-appointed insolvency manager
Dr. Joerg Behrends.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Room
         Second Floor
         Elizabeth Route 6
         26135 Oldenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Behrends
         Scheideweg
         26127 Oldenburg
         Germany
         Tel: 0441-3616220
         Fax: 0441-36162229

The District Court of Oldenburg opened bankruptcy proceedings
against Froehlich Bauelemente GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Froehlich Bauelemente GmbH
         Brombeerweg 10
         26180 Rastede
         Germany


GERHARD VORLAUFER: Creditors' Meeting Slated for May 10
-------------------------------------------------------
The court-appointed insolvency manager for Gerhard Vorlaufer
GmbH, Klaus-Dieter Gebhardt, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on May 10.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Crailsheim
         Hall 113
         First Floor
         Schillerstrasse 1
         74564 Crailsheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 14 at the same venue.

The District Court of Crailsheim opened bankruptcy proceedings
against Gerhard Vorlaufer GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Klaus-Dieter Gebhardt
         Karlstr. 6
         74564 Crailsheim
         Germany
         Tel: 07951/9493-0
         Fax: 07951/9493-90

The Debtor can be reached at:

         Gerhard Vorlaufer GmbH
         Attn: Bernd Weinmann, Manager
         Blaufelder Str. 4
         74564 Crailsheim
         Germany


GFI GESELLSCHAFT: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors of GFI Gesellschaft fuer Finanz- und
Investitionsplanung mbH have until May 25 to register their
claims with court-appointed insolvency manager Gerald Bittner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hof opened bankruptcy proceedings against
GFI Gesellschaft fuer Finanz- und Investitionsplanung mbH on
April 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Gerald Bittner
         Kreuzsteinstr. 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The Debtor can be reached at:

         GFI Gesellschaft fuer Finanz- und
         Investitionsplanung mbH
         Attn: Ernst Guggelmeier-Goldkorn, Manager
         Schlehenweg 18
         95028 Hof
         Germany


GOALPLANET GMBH: Claims Registration Ends May 31
------------------------------------------------
Creditors of GoalPlanet GmbH have until May 31 to register their
claims with court-appointed insolvency manager Marc Schmidt-
Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 p.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/87708-0
         Fax: 0621/8770820

The District Court of Darmstadt opened bankruptcy proceedings
against GoalPlanet GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GoalPlanet GmbH
         Gaussstrasse 39
         68623 Lampertheim
         Germany


KLOECKNER PENTAPLAST: Moody's Reviews Ratings Over Possible Sale
----------------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family Rating
for Kloeckner Pentaplast S.A., the Ba2 ratings for the bank debt
and the EUR180 million Senior Notes (rated B2) under review for
possible downgrade following the shareholders' (Cinven Ltd. and
CCMP Capital Advisors, LLC) decision to sell the group to
investment funds managed by Blackstone Group for a total
consideration of EUR1.3 billion.  The transaction is subject to
customary regulatory approvals.

The review will assess the strategic direction and capital
structure that the new owners may pursue with KP.  Moody's would
confirm the ratings only should Blackstone decide to maintain
the company's current capital structure and debt levels as well
as its deleveraging strategy.  The rating agency notes that
certain clauses in the notes and loan documentation entitle the
holders to have their investment redeemed above par upon a
change of control event.  The company has confirmed its
intention to redeem the notes in accordance with the terms and
conditions.

The current Ba3 CFR takes into account:

   (i) KP's large size and market leadership for flexible and
       rigid plastic packaging in Western Europe and the US;

  (ii) its growing exposure to high growth emerging markets in
       Asia, South America and Eastern Europe; and

(iii) its relatively stable operating margins compared to
       industry peers.

The rating also reflects KP's commodity-like product features
leading to continuous pressure on margins for certain products,
as well as the company's exposure to volatile PVC and PET resin
costs.

Headquartered in Montabaur, Germany, The Kloeckner Pentaplast
Group -- http://www.kpfilms.com/en/index.asp-- and with legal
domicile in Luxembourg, is a global leader in the manufacturing
of rigid plastics for the pharmaceuticals, food, medical,
electronics, and other packaging industries.  The company
generated nearly EUR1.2 billion of sales during FY 2006 (ending
September), 60% of which came from Europe (including a small
portion from Asia) and 40% from the US, Canada and Latin
America.


KNOEPFLE VERLAGSAUSLIEFERUNGS: Claims Registration Ends June 14
---------------------------------------------------------------
Creditors of Knoepfle Verlagsauslieferungs GmbH have until
June 14 to register their claims with court-appointed insolvency
manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 157/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 31 - 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

The District Court of Kempten opened bankruptcy proceedings
against Knoepfle Verlagsauslieferungs GmbH on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Knoepfle Verlagsauslieferungs GmbH
         Albert-Einstein-Strasse 5
         87437 Kempten
         Germany


KUECHENHAUS TOTAL: Creditors' Meeting Slated for June 25
--------------------------------------------------------
The court-appointed insolvency manager for Kuechenhaus Total
GmbH, Christian Koehler-Ma, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on June 25.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 on Sept. 3 at the same venue.

Creditors have until July 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Kuechenhaus Total GmbH on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kuechenhaus Total GmbH
         Lise-Meitner-Str. 45
         10589 Berlin
         Germany


LINDNER ELEKTRONIK: Claims Registration Period Ends May 9
---------------------------------------------------------
Creditors of Lindner Elektronik GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Lueneburg opened bankruptcy proceedings
against Lindner Elektronik GmbH on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Joern Weitzmann
         c/o Buero Kilger
         Arnold-Heise-Str. 9
         20249 Hamburg
         Germany
         Tel: 040/4607970
         Fax: 040/46079725

The Debtor can be reached at:

         Lindner Elektronik GmbH
         Attn: Juergen Lindner, Manager
         Zum Hafen 4a
         21423 Winsen-Toennhausen
         Germany


LOHFINK ENTSORGUNG: Creditors' Meeting Slated for May 30
--------------------------------------------------------
The court-appointed insolvency manager for Lohfink Entsorgung-
und Logistik GmbH, Hanns Poellmann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 1:40 p.m. on May 30.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 310
         Rudolf-Diener-Str. 1
         Gera
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Gera opened bankruptcy proceedings against
Lohfink Entsorgung- und Logistik GmbH on April 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Hanns Poellmann
         Blankenburger Str. 3
         07318 Saalfeld
         Germany

The Debtor can be reached at:

         Lohfink Entsorgung- und Logistik GmbH
         Attn: Werner Lohfink, Manager
         Huettenstrasse 19 - 21
         07318 Saalfeld
         Germany


MICRONOMICS VERWALTUNGS: Creditors' Meeting Slated for June 11
--------------------------------------------------------------
The court-appointed insolvency manager for micronomics
Verwaltungs GmbH, Dr. Jürgen Spliedt, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:15 a.m. on June 11.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 10 at the same venue.

Creditors have until July 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against micronomics Verwaltungs GmbH on April 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         micronomics Verwaltungs GmbH
         Friedrichstrasse 231
         10969 Berlin
         Germany


MOEBEL-REHWALD GMBH: Claims Registration Ends June 28
-----------------------------------------------------
Creditors of Moebel-Rehwald GmbH have until June 28 to register
their claims with court-appointed insolvency manager Georg
Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 a
         27472 Cuxhaven
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Georg Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against Moebel-Rehwald GmbH on April 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Moebel-Rehwald GmbH
         Lange Str. 26
         27478 Cuxhaven
         Germany

         Attn: Gerd Grycan, Manager
         Kanalstr. 18
         27478 Cuxhaven
         Germany


MONTAGESERVICE NORD: Creditors' Meeting Slated for June 1
---------------------------------------------------------
Creditors of Montageservice Nord GmbH have until May 8 to
register their claims with court-appointed insolvency manager
Stephan Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Norderstedt opened bankruptcy proceedings
against Montageservice Nord GmbH on April 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Stephan Muenzel
         Bachstrasse 85a
         22083 Hamburg
         Germany

The Debtor can be reached at:

         Montageservice Nord GmbH
         Wilstedter Strasse 1a
         24558 Wakendorf
         Germany

         Attn: Herrn Peter Sveceny, Manager
         Meisenweg 8
         23845 Itzstedt
         Germany


NORIS DRUCKVERWALTUNG: Claims Registration Period Ends May 14
-------------------------------------------------------------
Creditors of Noris Druckverwaltung GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against Noris Druckverwaltung GmbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Noris Druckverwaltung GmbH
         Holzschuherstrasse 36/40
         90439 Nuremberg
         Germany


NRG ENERGY: Earns US$65 Million in 2007 First Quarter
-----------------------------------------------------
NRG Energy, Inc. reported a US$65 million net income for the
three months ended March 31, 2007, compared with US$26 million
for the same period last year.

The 2007 improvement primarily resulted from the inclusion of
three months of operating results for NRG Texas, which was
acquired by NRG in February 2006, increased generation and
pricing in the Northeast region, and US$107 million in after-tax
refinancing expenses in 2006 associated with the acquisition of
NRG Texas.  MtM changes, primarily associated with economic
hedges on our baseload assets, unfavorably impacted net income
in 2007 by US$55 million while benefiting 2006 earnings by US$44
million.  Quarterly cash flow from operations of US$106 million
was impacted by US$120 million of cash collateral outflows.

First quarter 2006 adjusted operating cash flow of US$313
million benefited from US$230 million of collateral inflows.
Operating cash flows, exclusive of collateral movements,
increased by US$143 million versus the same period last year.
This improvement reflects NRG Texas' contributions for the
entire quarter in 2007.  In addition, current year cash flow
from operations benefited from US$39 million in higher contract
prices that resulted from last November's hedge reset
transaction.

"Over the past 3-1/2 years, our continuous focus on executing a
multi-faceted growth plan off a foundation of strong commercial
and plant operations has brought NRG to a much stronger place
financially and strategically," David Crane, NRG President and
Chief Executive Officer said. " NRG's operational effectiveness
and the promise of our ongoing growth initiatives have put us in
the position where we can both initiate a recurring cash
dividend and generate the capital to reinvest in our business
through repowering NRG and other core initiatives."

                           About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG)
-- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the
United States.  Its operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.


NRG ENERGY: Moody's Holds Corporate Family Rating at Ba3
--------------------------------------------------------
Moody's Investors Service affirmed the ratings of NRG Energy,
Inc., including its Corporate Family Rating at Ba3, the
Probability of Default Rating at Ba3, the senior unsecured debt
at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Moody's also affirmed NRG's Ba1 bank loan rating for the
company's secured revolving credit and term loan facility, which
is being amended and re-priced.  The rating outlook for NRG
remains negative.

Additionally, Moody's has assigned a (P)B2 rating to a planned
US$1 billion delayed draw secured term loan at NRG Holdings,
Inc., a new holding company being formed, which will own the
common stock of NRG.

"While the rating affirmation incorporates our expectation that
the company will be able to generate meaningful free cash for
the next few years, the company's announcement concerning
capital allocation indicates a continuing shift towards
shareholder rewards, at a time when future capital requirements
for the sector and the company have increased and are expected
to remain so for the foreseeable future, " said A.J. Sabatelle,
Vice President -- Senior Credit Officer of Moody's.

The rating affirmation reflects relatively stable cash flows
expected at NRG given the company's competitive position in
several key markets and the degree of forward hedges in place
for the next five years.  NRG's cash flow (CFO pre-W/C) to total
adjusted debt was 13.7% during 2006 which should improve further
during 2007 given a full year benefit of higher cash flows from
the hedge reset program executed by the company in November
2006.  NRG's expects to generate nearly US$900 million of free
cash flow during 2007. Given the degree of forward hedges
entered into by the company and the prospects for continuing
relatively high natural gas prices, Moody's expects that under
most reasonable scenarios, the company's cash flow (CFO pre-W/C)
to total adjusted debt is expected to achieve at least a 13%
level over the next several years, which remains consistent with
the existing Ba3 Corporate Family Rating.

The rating affirmation also considers several initiatives
announced by the company designed to return more capital to
shareholders.  These initiatives include the commencement of an
annual common dividend of US$0.50 per share, paid quarterly
beginning in the first quarter 2008, and the continuation of
share repurchase programs after the current authorized share
buyback program is completed.  To help facilitate these
shareholder friendly objectives, NRG's intends to amend and
restate its existing revolving credit and term loan facility and
to form NRG Holdings, which together with a delayed draw US$1
billion term loan will substantially increase capacity under the
restricted payments basket in the company's existing indentures.

Under the planned refinancing, NRG will become a wholly owned
operating subsidiary of NRG Holdings.  NRG Holdings will borrow
up to US$1 billion under a term loan and will downstream the net
proceeds to NRG as an equity contribution.  NRG will use the net
proceeds for the prepayment of a portion of its existing Term B
loan.  Upon completion, the restricted payments capacity under
NRG's bond indentures will increase by an amount equal to the
equity contribution from NRG Holdings to NRG, thereby allowing
NRG to return more capital to shareholders in the future.  Upon
the formation of NRG Holdings, existing NRG common and preferred
shares will be exchanged for identical NRG Holdings level
securities.

The NRG Holdings term loan is being syndicating as a new
US$1 billion delayed draw term loan to NRG's existing secured
revolver and term loan lenders as part of the amendment and re-
pricing request.  Current NRG lenders will be asked to
simultaneously commit to a strip of new NRG Holdings term loans,
which will be funded once the holding company is formed.  Since
certain regulatory approvals are required in order for NRG
Holdings to be formed, NRG does not expect the formation to
occur until the fourth quarter 2007.  The (P) B2 rating assigned
to NRG Holdings' secured term loan incorporates Moody's current
understanding of the proposed refinancing, and reflects the
structural subordination of this creditor class to senior
unsecured and senior secured creditors at NRG.

NRG's negative rating outlook reflects, in Moody's opinion, a
trend by management to steadily implement shareholder friendly
initiatives within the past year.  Since August 2006, NRG has
amended financing documents and has executed financings to
return more capital to the shareholders either by increasing the
restricted payments basket or by structuring financings that
allow capital to flow to shareholders outside of the restricted
payments basket.  Additionally, the negative outlook
incorporates the higher permanent debt levels at NRG incurred in
November 2006 as part of the hedge reset. While cash margins,
generation values, and hedging opportunities for independent
power companies have all increased within the recent past, the
capital needs of companies in the sector, including NRG, have
also continued to move in an upward direction, particularly for
future environmental related capital expenditures.  With a
higher permanent level of debt embedded in the capital
structure, an increasing shareholder focus by management, and
the cost of future capital investment programs increasing, NRG's
credit quality could weaken, particularly if the company's
future margins compress due to lower natural gas prices, lower
market heat rates, or successful efforts key stakeholders to re-
regulate segments of the sector.

In light of the negative rating outlook as well as the company's
capital investment program, share repurchase plan and other
related initiatives, limited near-term prospects exist for the
rating to be upgraded; however, the rating outlook could
stabilize if the company makes meaningful progress towards using
free cash flow to permanently reduce debt over the next several
years, and/or if the company finances its anticipated large
capital investment program in a relatively conservative manner
resulting in a adjusted cash flow (CFO pre-W/C) to total
adjusted debt rising to the mid-teens level on a sustainable
basis.  Moody's understands that the company's secured credit
facilities will continue to require lenders to accept for
prepayment 50% of any excess cash flow offered by NRG, which
should help to facilitate debt repayment.

The rating could be downgraded if the degree of shareholder
initiatives further accelerates over the next twelve to eighteen
months without meaningful progress towards reducing consolidated
debt or if the company chooses to finance its capital investment
program with higher than anticipated levels of debt.
Additionally, should margins compress across NRG's existing
generation fleet or should additional leverage be incurred to
finance shareholder rewards causing adjusted cash flow (CFO pre-
W/C) to total adjusted debt to fall below 10% for an extended
period, the rating could be downgraded.

Ratings affirmed:

NRG Energy, Inc.

    * Corporate family rating at Ba3;
    * Probability of default rating at Ba3;
    * Speculative Grade Liquidity Rating of SGL-2;

Ratings affirmed/LGD assessments revised;

NRG Energy, Inc.

    * Senior unsecured notes at B1 (LGD 5, 78% from LGD5, 77%);

    * Shelf registration for senior unsecured debt at
      (P) B1 (LGD 5, 78% from LGD5, 77%);

Ratings and assessments affirmed:

NRG Energy, Inc.

    * Senior secured revolving credit and term loan facility at
      Ba1 (LGD2, 22%)

    * Preferred stock at B2, LGD 6, 98%;

    * Shelf registration for senior secured debt at
      (P) Ba1 (LGD 2, 22%)

    * Shelf registration for subordinated debt at
      (P)B2, LGD 6, 97%;

    * Shelf registration for preferred stock at (P)B2, LGD 6,
      98%;

Rating assignment:

NRG Holdings, Inc.

    * Senior secured term loan at (P)B2

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns
and operates power generating facilities, primarily in Texas and
the northeast, south central and western regions of the United
States.  NRG also owns generating facilities in Australia,
Brazil, and Germany.


NRG ENERGY: S&P Lifts Rating on US$4.7 Billion Unsec. Bonds to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.

In addition, Standard & Poor's affirmed the 'B+' corporate
credit rating on NRG and affirmed the 'BB-' rating on NRG's
US$3.148 billion term loan B; the 'CCC+' rating on the company's
preferred stock, and the 'B-2' short-term rating.  The outlook
on all ratings is stable.  The proceeds of the term loan B can
only be used to pay down the existing term loan B debt at NRG,
creating room for the planned dividends under the restricted
payments basket of the unsecured bond indenture.

"The raised rating on NRG's senior unsecured bonds is a result
of our asset coverage test," said Standard & Poor's credit
analyst Swami Venkataraman.  "The term loan B at NHI is rated
'B-', reflecting its subordination to more than US$8.6 billion
of debt at NRG."

These rating actions follow NRG's announcement that it will
create a new holding company to facilitate the payment of a
common dividend of US$100 million-US$150 million per year
starting in the first quarter of 2008.  NHI will borrow up to
US$1 billion from the term B market and pay the net proceeds to
NRG as an equity contribution.  NRG will use the net proceeds to
prepay portion of its existing term B loan, resulting in no
change to the company's consolidated debt levels.

On completion, the restricted payments capacity under NRG's
unsecured bond indentures will increase by an amount equal to
the equity contribution from the holding company to NRG.  The
recovery rating of '5' on NHI's debt reflects its negligible
recovery prospects since lenders are secured only by the equity
interest in NRG and are effectively subordinated to all debt at
NRG, including the US$4.7 billion unsecured bonds.  If the
funding occurs, Standard & Poor's expect to raise the rating on
the remaining US$2.148 billion NRG term loan B to 'BB' from 'BB-
', reflecting the greater overcollateralization of the term loan
by NRG's assets and related stronger recovery in the event of a
default.

NRG is primarily engaged in the ownership, development,
construction and operation of power generation facilities, the
trading of energy, fuel, capacity and related products in the
United States and internationally.  As of Dec. 31, 2006, NRG
owned 24,175 MW of generating capacity and had about US$8.7
billion in debt.


NRG ENERGY: Pursues Comprehensive Capital Allocation Plan
---------------------------------------------------------
NRG Energy, Inc., is pursuing a refinancing plan along with
amendments to its Senior Credit facility to support and
facilitate its capital allocation strategy.

The move came as a result of the successful implementation of
its hedging strategy, which has created a strong and stable
earnings and cash flow profile for the company.

                  Terms of the Refinancing Plan

Under the planned refinancing, NRG will become a wholly owned
operating company subsidiary of a newly created holding company.
Holdco will borrow up to US$1 billion from the Term B market and
pay the net proceeds to Opco as an equity contribution.  Opco
will use the net proceeds for the prepayment of a portion of its
existing Term B loan resulting in no change to the Company's
consolidated debt levels.  Upon completion, the restricted
payments capacity under the Company's high yield bond indentures
will increase by an amount equal to the equity contribution from
Holdco to Opco.

Planned amendments to the Senior Credit Facility include:

   -- a reduction in pricing;

   -- a US$150 million per year carve out enabling a recurring
      common share cash dividend;

   -- additional flexibility to invest in RepoweringNRG
      projects; and

   -- a commitment from the lenders to fund the Holdco loan.

The Company has obtained commitments for the Holdco financing
from a number of financial institutions.

                         Stock Split

Further, in order to provide additional liquidity to the
Company's common stock, the Company's Board of Directors has
approved a 2-for-1 stock split effected in the form of a stock
dividend payable on May 31.

The stock split will entitle each stockholder of record at the
close of business on May 22, to receive one additional share for
every common share held. The number of common shares outstanding
upon completion of the stock split will be approximately 242
million shares, excluding the impact of any additional share
repurchases which may be completed by the Company.

Contingent upon the successful implementation of the Holdco
financing, which requires certain regulatory approvals, and
sufficient cash resources the Company plans to commence an
annual common share cash dividend of US$0.50 per share, paid
quarterly beginning in the first quarter 2008.

                     Share Repurchase Program

In addition to the cash dividend, the Company plans to continue
with common share repurchase programs from time to time even
after the completion of the current share buyback.  In light of
the Company's projected earnings and cash flow profile, the
Company plans to target an annual return of capital to
shareholders, consisting of both fixed dividend and variable
share repurchase components, of approximately 3% per annum.

In connection with the Company's previously announced share
repurchase program, US$103 million of common share repurchases
were completed during the first quarter 2007 at an average price
of US$68.74 per share, leaving US$165 million of authorized
repurchases to be completed.  The Company expects to complete
the remaining share repurchases in 2007.

"The Capital Allocation Plan announced reflects steadfast
confidence in our business model and our unwavering commitment
to capital discipline," commented Robert C. Flexon, NRG's
Executive Vice President and Chief Financial Officer. "All
elements of our capital allocation philosophy -- reinvestment,
debt management, returning capital to shareholders, and
RepoweringNRG -- are covered by this plan."

                      About the Company

Headquartered in Princeton, New Jersey, NRG Energy Inc.
(NYSE:NRG) -- http://www.nrgenergy.com/-- owns and operates
power generating facilities, primarily in Texas and the
northeast, south central and western regions of the United
States.  NRG also owns generating facilities in Australia,
Brazil, and Germany.


NRG ENERGY: Fitch Says Common Dividend Plan Won't Affect Ratings
----------------------------------------------------------------
According to Fitch Ratings, NRG Energy Inc.'s (NRG; Issuer
Default Rating [IDR] 'B', with a Stable Rating Outlook)
announcement that it plans to pay a common dividend beginning
2008 through the creation of a holding company structure does
not immediately affect the company's ratings or rating Outlook.

As proposed, NRG would create a parent holding company that
would issue up to US$1 billion in debt, the proceeds from which
would be used to pay down the existing Term Loan B at the
operating company level.  On a consolidated basis, NRG's total
debt outstanding is expected to remain unchanged at
approximately US$8.8 billion.  The new holding company debt
would be structurally subordinated to the existing operating
company debt.  By reducing debt at the operating company level,
NRG believes it will have sufficient room under the restricted
payments basket to pay a common dividend of approximately US$150
million annually.

Fitch is in the process of reviewing NRG's ratings, including an
updated recovery analysis based on recent forward commodity
prices, which may result in more robust valuations for NRG's
merchant generation portfolio.  In Fitch's view, the reduction
of the Term Loan B could improve the ratings of the unsecured
bonds. The current ratings of NRG are supported by its hedged
base-load capacity and relatively diverse generation portfolio.
As described in Fitch's 'U.S. Power and Gas 2007 Outlook', the
outlook for competitive generation has improved, and this should
benefit NRG.


PLAN-UND PRUEF: Claims Registration Period Ends June 5
------------------------------------------------------
Creditors of Plan-und Pruef-GmbH have until June 5 to register
their claims with court-appointed insolvency manager Peter
Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany
         Tel: (06 21) 12 07 80

The District Court of Karlsruhe opened bankruptcy proceedings
against Plan-und Pruef-GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Plan-und Pruef-GmbH
         Attn: Betram Schroeder, Manager
         Werner-von-Siemens-Str. 16
         76694 Forst
         Germany


RATHAUSHOTEL OBERWIESENTHAL: Claims Registration Ends June 14
-------------------------------------------------------------
Creditors of Rathaushotel Oberwiesenthal GmbH & Co. KG have
until June 14 to register their claims with court-appointed
insolvency manager Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bruno M. Kuebler
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Tel: (03 51) 31 50 50
         Telefax: (03 51) 31 50 55 55
         E-mail: dresden@kuebler-gbr.de

The District Court of Chemnitz opened bankruptcy proceedings
against Rathaushotel Oberwiesenthal GmbH & Co. KG on April 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rathaushotel Oberwiesenthal GmbH & Co. KG
         Markt 3
         09484 Kurort Oberwiesenthal
         Germany

         Attn: Uwe Rohrschneider, Manager
         Jenaer Strasse 6
         10717 Berlin
         Germany


RESTAURATION UND HANDEL: Claims Registration Period Ends June 1
---------------------------------------------------------------
Creditors of Restauration und Handel Timmermann GmbH & Co. KG
have until June 1 to register their claims with court-appointed
insolvency manager Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Restauration und Handel Timmermann GmbH & Co. KG on
April 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Restauration und Handel Timmermann GmbH & Co. KG
         Attn: Joerg Timmermann, Manager
         Haselbusch 12
         22549 Hamburg
         Germany


SCHILDERWERK LEIPZIG: Claims Registration Period Ends June 14
-------------------------------------------------------------
Creditors of SL Schilderwerk Leipzig GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699
         E-mail: leipzig@pluta.net.


The District Court of Leipzig opened bankruptcy proceedings
against SL Schilderwerk Leipzig GmbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SL Schilderwerk Leipzig GmbH
         Attn: Peter Naumann and Karl-Heinz Neugebauer, Managers
         Knorrstr. 4
         04319 Leipzig
         Germany


TROLLEX TROCKENBAUSERVICE: Creditors' Meeting June 26
-----------------------------------------------------
The court-appointed insolvency manager for Trollex
Trockenbauservice GmbH, Hartwig Albers, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:05 a.m. on June 26.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:25 a.m. on Sept. 28 at the same venue.

Creditors have until July 26 t to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany


The District Court of Charlottenburg opened bankruptcy
proceedings against Trollex Trockenbauservice GmbH on April 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trollex Trockenbauservice GmbH
         Lietzenburger Str. 54
         10719 Berlin
         Germany


TRW AUTOMOTIVE: Credit Suisse Keeps Outperform Rating on Shares
---------------------------------------------------------------
Credit Suisse analysts have maintained their "outperform" rating
on TRW Automotive Holdings Corp.'s shares, Newratings.com
reports.

Newratings.com relates that the target price for TRW
Automotive's shares was increased to US$40 from US$35.

The analysts said in a research note published on May 3 that TRW
Automotive's first quarter 2007 results were strong, with
earnings per share, excluding debt retirement expenses, ahead of
the estimates and the consensus.

The analysts told Newratings.com that the results at TRW
Automotive' under-performing Automotive Components division
improved in the first quarter 2007.

The earnings per share estimate for 2007 was increased to
US$2.37 from US$1.94, while the estimate for 2008 was raised to
US$2.85 from US$2.65, to show lower interest expenses and robust
underlying profit performance, Newratings.com reports.

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  TRW Automotive products include integrated
vehicle control and driver assist systems, braking systems,
steering systems, suspension systems, occupant safety systems
(seat belts and airbags), electronics, engine components,
fastening systems and aftermarket replacement parts and
services.

                        *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.


VOLMER INNOVATIVE: Claims Registration Period Ends June 6
---------------------------------------------------------
Creditors of Volmer Innovative Fenstersysteme Gmbh have until
June 6 to register their claims with court-appointed insolvency
manager Hans - Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 216
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany


The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans - Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany
         Tel: 05221/6930731
         Fax: 05221/ 6930691

The District Court of Paderborn opened bankruptcy proceedings
against Volmer Innovative Fenstersysteme Gmbh on April 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Volmer Innovative Fenstersysteme Gmbh
         Attn: Thomas Vollmer, Manager
         Drostestr. 4
         33034 Brakel
         Germany


WIS INDUSTRIESERVICE: Claims Registration Period Ends June 10
-------------------------------------------------------------
Creditors of WIS Industrieservice GmbH have until June 10 to
register their claims with court-appointed insolvency manager
Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Bochum opened bankruptcy proceedings
against WIS Industrieservice GmbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         WIS Industrieservice GmbH
         Friedrich-Ebert-Str. 95
         58454 Witten
         Germany

         Attn: Horst Haushalter, Manager
         Harkortring 30
         58453 Witten
         Germany


=============
H U N G A R Y
=============


AES CORP: Unit Faces Nasdaq Delisting Due to Late 10-K Filing
-------------------------------------------------------------
The AES Trust VII, a subsidiary of the AES Corporation, received
a written notification from The Nasdaq Stock Market on
May 1, 2007, stating that the Trust VII's Trust Convertible
Preferred Securities (OTCCB symbol: AESRO) will be delisted from
the OTC Bulletin Board effective May 3, 2007, due to non-
compliance with NASD Rule 6530 as a result of the company's
failure to timely file its annual report on Form 10-K for the
year ended Dec. 31, 2006.

The decision to delist the Convertible Preferred Securities was
made following a telephonic hearing by the company before the
Hearings Department of the Nasdaq Stock Market on April 27,
2007.   The company has not determined whether it will cause a
Form 211 to be filed to list the Convertible Preferred
Securities on the OTC Bulletin Board after it has filed its
annual report on Form 10-K with the U.S. Securities Exchange
Commission.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'. Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the rating
outlook for all remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


=============
I R E L A N D
=============


DEKANIA EUROPE: Fitch Puts BB- Ratings on EUR4 Mln Class F Notes
----------------------------------------------------------------
Fitch assigned Dekania Europe CDO III P.L.C.'s upcoming issue of
EUR275.5 million floating-rate notes due 2038 expected ratings.

   -- EUR180 million Class A1: 'AAA'
   -- EUR28 million Class A2: 'AAA'
   -- EUR24 million Class B: 'AA-'
   -- EUR19 million Class C: 'A'
   -- EUR12.5 million Class D: 'BBB'
   -- EUR8 million Class E: 'BBB-'
   -- EUR4 million Class F: 'BB-'

The transaction is a securitization of predominantly
subordinated debt instruments issued by European insurance
companies and banks.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings of the Class A1 and A2 notes address the
ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For the Class B, C, D, E and F notes the expected
ratings address the ultimate payment of principal and interest,
including deferred interest, at maturity.

The ratings are based on the quality and diversity of the
portfolio of assets selected by the collateral manager, Cohen &
Company Financial Limited, subject to the guidelines outlined in
the collateral management agreement.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement in
the form of subordination, for the Class A1 notes will total
40%, of which 9.33% will be provided by the A2 notes, 8% by the
B notes, 6.33% by the C notes, 4.17% by the D notes, 2.67% by
the E notes, 1.33% by the F notes and 8.17% by the unrated
subordinated Class of notes.

Dekania Europe CDO III P.L.C. is a limited liability company
incorporated under the laws of Ireland.  At the closing date,
the issuer is expected to have purchased approximately 60% of
the target portfolio; the remainder will be purchased over the
following 365 days.


RASPADSKAYA SECURITY: Fitch Rates Proposed Notes Issue at B+/RR4
----------------------------------------------------------------
Fitch Ratings assigned Russia-based OJSC Raspadskaya an Issuer
Default 'B+' rating and a Short-term 'B' rating.  The Outlook on
the Issuer Default rating is Stable.

Fitch has also assigned Raspadskaya Securities Limited's
proposed issue of US$200 million to US$250 million loan
participation notes expected senior unsecured 'B+' and Recovery
'RR4' ratings.  The final ratings on the notes are contingent on
the receipt of final documentation conforming to information
already received and further details regarding the amount and
tenor.

The ratings reflect Raspadskaya's position as the second largest
coking coal producer in Russia, strong financial profile as well
as low-cost advantages.  The company has the highest
profitability among Russian and international metals and mining
peers rated by Fitch with a FY06 EBITDAR margin of 55% on a pro-
forma basis.  Furthermore, Raspadskaya stands out among other
coking coal producers based on its low cash costs of production,
underpinned by its modernization program and newly launched
preparation plant.  Raspadskaya also had a track record of a
conservative financial policy before debt-funded acquisitions in
2006 took its leverage to 1.4x, up from 0.2x in 2005.  Although
cash flow generation is expected to be sufficient to facilitate
quick de-leveraging, Fitch notes the company's current
dependence on a short-term US$300 million bridge loan, which
expires in June.

The ratings also factor in Raspadskaya's modest diversification
across products, geography of sales and customers.  Its focus on
one product increases the company's exposure to one commodity
cycle whereas its focus on the domestic market in conjunction
with a concentrated customer base could amplify the company's
vulnerability to the industry cyclicality.  Furthermore, Fitch
notes Raspadskaya's limited scale of operations, which could
restrain operational and financial flexibility, particularly in
an industry downturn.  Fitch also notes that Raspadskaya is
engaged in large related-party transactions (39% of FY06
EBITDAR), the largest portion of which is attributed to sales to
steel maker Evraz, one of the main shareholders of the company.
Although Evraz and Raspadskaya have a successful long-term
relationship, any shift in Evraz's strategy towards other
Russian coking coal producers may significantly affect the
operations of Raspadskaya.

Raspadskaya SL, a special purpose vehicle, is a public limited
liability company incorporated in Ireland.  The notes are
limited recourse obligations of the issuer.  While the notes are
referred to as "secured", such security is established to ensure
a link to the ultimate borrower Raspadskaya by assigning certain
rights under a loan agreement between the SPV and Raspadskaya.
The purpose of Raspadskaya SL is to issue the notes and lend the
proceeds under a loan agreement to Raspadskaya.  The latter will
use the proceeds to refinance existing short-term US$300 million
bridge loan.  The loan agreement is governed by English laws.

Covenants in the loan agreement include, among others, an equal
ranking of the loan with present or future unsecured creditors
of Raspadskaya and a negative pledge.  Raspadskaya also has a
net leverage ceiling of 3x.  With FY06 net debt/EBITDA ratio of
1.4x, the company has some headroom under the above-mentioned
covenant.  Following the bond issue, the company also plans to
issue a syndicated loan of about US$100 million to
US$150 million.


=========
I T A L Y
=========


CORDUSIO RMBS: Fitch Rates EUR19.5 Million Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Cordusio RMBS
Securitisation S.r.l. - Series 2007's mortgage-backed floating-
rate notes:

   -- EUR703.5 million Class A1: 'AAA'
   -- EUR2.23 billion Class A2: 'AAA'
   -- EUR738.6 million Class A3: 'AAA'
   -- EUR71.1 million Class B: 'AA'
   -- EUR43.8 million Class C: 'A'
   -- EUR102 million Class D: 'BBB'
   -- EUR19.5 million Class E: 'BB'

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

This transaction is the third residential mortgage-backed
transaction to be originated by UniCredit Banca S.p.A. and the
fourth from the Unicredito Italiano Group.  UCB is 100%-owned by
UniCredito Italiano S.p.A and is the retail arm of the UCI
Group.  It offers a wide range of investment, personal banking
and financing products, mainly to private individuals (63% of
financing activity as of December 2006, according to UCB) and
small and medium-sized enterprises (31%).

The expected ratings are based on the quality of the loan
collateral, UCB's loan underwriting processes and servicing
capabilities, available credit enhancement and the financial and
legal structure of the transaction.  On the occurrence of a
Class E, Class D, Class C or Class B trigger event, no interest
will be paid on these notes until the notes ranking in priority
have been repaid in full, while all the available excess spread
becomes part of the principal available funds upon breach of the
junior class trigger.  The expected ratings address the
likelihood that investors will receive timely payments of
interest and repayment of principal at final maturity in 2040.

At closing, credit enhancement for the Class A notes will total
6.26%, to be provided by the subordination of the Class B
(1.82%), Class C (1.12%), Class D (2.61%), Class E (0.5%) and
unrated junior (Class F; 0.05%) notes, as well as a fully funded
cash reserve equal to 0.16% of the initial portfolio balance.
In contrast to the other Cordusio transactions, the cash reserve
of Cordusio RMBS 4 will not amortize.

As of 31 March 2007, the portfolio consisted of 40,898
performing loans secured on residential properties originated
between 2001 and 2005 and with a total outstanding balance of
approximately EUR3.91 billion.  Some 66.3% of the portfolio by
outstanding principal balance consists of loans granted to
borrowers in northern Italy, while borrowers in the central and
southern regions account for 22.2% and 11.6%, respectively.


===================
K A Z A K H S T A N
===================


ALMA-ATA URAL: Creditors Must File Claims by June 8
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alma-Ata Ural Az Autoservice insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


EVROPEISKAYA PODSHIPNIKOVAYA: Creditors' Claims Due June 8
----------------------------------------------------------
Representation Of OJSC European Bearing Corporation Evropeiskaya
Podshipnikovaya Korporatsiya has declared insolvency.  Creditors
have until June 8 to submit written proofs of claim to:

         OJSC European Bearing Corporation
         Evropeiskaya Podshipnikovaya Korporatsiya
         Stepnogorsk
         Akmola
         Kazakshtan


HALYK BANK: Fitch Assigns BB+ Ratings to US$700 Million Loan
------------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based Halyk Bank's
US$700 million 7.25% eurobond due May 2017 a final Long-term
'BB+' rating.

Halyk is rated Foreign Currency Issuer Default 'BB+' with a
Positive Outlook, Local Currency Issuer Default 'BBB-' with a
Stable Outlook, Short-term Foreign Currency 'B', Short-term
Local Currency 'F3', Individual 'C/D', and Support '3'.

Halyk was the fifth largest bank in Kazakhstan, holding 10% of
the system's assets at end-Q107.  The bank operates the largest
branch network in the country, reflecting its roots as the
former state savings bank, and also acts as a non-exclusive
pension and social security payment and settlement agent.
Following the December 2006 IPO, institutional and individual
investors now hold a 29% stake in the bank.  Almex Group,
beneficially owned by the daughter and son-in-law of President
Nazarbayev, retains a 64% stake.


INVEST PLUS: Proof of Claim Deadline Slated for June 13
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Capital Stroy Invest Plus insolvent.

Creditors have until June 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


NEWPROMSERVICE LLP: Claims Registration Ends June 8
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Newpromservice insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


SOIUZ VOSTOK: Claims Filing Period Ends June 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Soiuz Vostok insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


SP AGROMASHDETAIL: Creditors Must File Claims by June 8
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sp Agromashdetail insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


STATUS KYZYLORDA: Creditors' Claims Due June 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Status Kyzylorda insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakshtan


TRANS UNIVERSAL: Proof of Claim Deadline Slated for June 8
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Trans Universal Company insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ilyaev Str. 24
         Shymkent
         East Kazakhstan
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


ADASK LLC: Insolvency Manager Sets May 11 Asset Auction
-------------------------------------------------------
The temporary insolvency manager of LLC Adask will auction the
company's three-room flat at 11:00 a.m. on May 11 at:

         Moskovskaya Str. 121-34
         Bishkek
         Kyrgyzstan

The starting price for the property is set at KGS3,805,240.

Interested bidders have until May 10 to deposit guarantee
payment equivalent to 10% of the starting price of the lot to:

         Settlement Account No. 00050007343
         CJSC Demir Kyrghyz International Bank
         BIK 118001

or to the cashier of the enterprise.

Participants must submit their bids and necessary documents at:

         Moskovskaya Str. 121-34
         Bishkek
         Kyrgyzstan
         Tel: (0-502) 18-24-46


BAKTYM LLC: Creditors' Meeting Slated for May 11
------------------------------------------------
Creditors of LLC Baktym will convene at 10:00 a.m. on May 11 at:

         Ahunbaev Str. 137-6
         Bishkek
         Kyrgyzstan

The creditors' meeting will discuss:

   -- the temporary insolvency manager's report on
      financial-economic activity; and

   -- the confirmation of expenses estimate.

LLC Baktym has declared insolvency on April 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Bayish Kubibayev
         Tel: (+996 312) 56-60-98
              (0-502) 55-11-97


===================
L U X E M B O U R G
===================


KLOECKNER PENTAPLAST: Moody's Reviews Ratings Over Possible Sale
----------------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family Rating
for Kloeckner Pentaplast S.A., the Ba2 ratings for the bank debt
and the EUR180 million Senior Notes (rated B2) under review for
possible downgrade following the shareholders' (Cinven Ltd. and
CCMP Capital Advisors, LLC) decision to sell the group to
investment funds managed by Blackstone Group for a total
consideration of EUR1.3 billion.  The transaction is subject to
customary regulatory approvals.

The review will assess the strategic direction and capital
structure that the new owners may pursue with KP.  Moody's would
confirm the ratings only should Blackstone decide to maintain
the company's current capital structure and debt levels as well
as its deleveraging strategy.  The rating agency notes that
certain clauses in the notes and loan documentation entitle the
holders to have their investment redeemed above par upon a
change of control event.  The company has confirmed its
intention to redeem the notes in accordance with the terms and
conditions.

The current Ba3 CFR takes into account:

   (i) KP's large size and market leadership for flexible and
       rigid plastic packaging in Western Europe and the US;

  (ii) its growing exposure to high growth emerging markets in
       Asia, South America and Eastern Europe; and

(iii) its relatively stable operating margins compared to
       industry peers.

The rating also reflects KP's commodity-like product features
leading to continuous pressure on margins for certain products,
as well as the company's exposure to volatile PVC and PET resin
costs.

Headquartered in Montabaur, Germany, The Kloeckner Pentaplast
Group -- http://www.kpfilms.com/en/index.asp-- and with legal
domicile in Luxembourg, is a global leader in the manufacturing
of rigid plastics for the pharmaceuticals, food, medical,
electronics, and other packaging industries.  The company
generated nearly EUR1.2 billion of sales during FY 2006 (ending
September), 60% of which came from Europe (including a small
portion from Asia) and 40% from the US, Canada and Latin
America.


=====================
N E T H E R L A N D S
=====================


KONINKLIJKE AHOLD: S&P Raises Ratings to BBB- from BB+
------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term corporate credit ratings on Netherlands-based food retailer
Koninklijke Ahold N.V. to 'BBB-/A-3' from 'BB+/B'.  The outlook
is stable.

At the same time, the long-term ratings on the group's unsecured
bonds were raised to 'BB+' from 'BB'.  The rating change follows
the group's recently announced disposal of its U.S. Foodservice
division for US$7.1 billion, and our expectation of a
significantly enhanced financial profile by year-end 2007.

"The disposal of Foodservice will have a limited impact on the
group's business risk profile, but Ahold's commitment to
dedicating EUR2 billion to debt reduction will substantially
strengthen the financial risk profile," said Standard & Poor's
credit analyst Nicolas Baudouin.  "We expect, in particular, the
group's ratio of adjusted funds from operations to debt to
exceed 30% at year-end 2007."

The ratings continue to reflect the group's satisfactory
business profile, which is underpinned by the favorable
characteristics of the food retail market, where the group
enjoys leading positions in the Netherlands and on the U.S. East
Coast.  Ahold's once highly leveraged financial profile has
progressively shifted from aggressive to intermediate, but
ratings remain constrained by the challenging retail market
trends prevailing in the U.S.

"We expect FFO to debt to remain in the 25%-30% range, and Ahold
to establish a track record of investment-grade-like financial
measures," said Mr. Baudouin.

The possibility of a further upgrade is very remote. It would
necessitate a strengthening of the group's business position and
profitability in the U.S. and a further enhancement of financial
metrics.

The major risk area remains the group's U.S. retail operations,
where tough market conditions still hamper creditworthiness. Any
significant downturn or the inability to reposition U.S. retail
operations could have a negative bias on the ratings.


LIBBEY INC: Board Declares US$0.025 Per Share Quarterly Dividend
----------------------------------------------------------------
Libbey Inc.'s Board of Directors declared the company's
quarterly cash dividend of US$0.025 cents per share.  The
dividend will be paid on May 29, 2007, to shareholders of record
as of May 16, 2007.  As of April 30, 2007, Libbey had 14,396,319
shares outstanding.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                        *     *     *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


STICHTING PROFILE: Fitch Affirms BB Ratings on Class E Notes
------------------------------------------------------------
Fitch affirmed Stichting Profile Securitisation I's
GBP376.6 million floating-rate notes and senior credit default
swap due 2041 listed below.  The transaction is a securitization
of exposures to public private partnership project loans in the
UK.

   -- GBP344.15 million SCDS: 'AAA'
   -- GBP0.1 million Class A+: 'AAA'
   -- GBP17.2 million Class A: 'AAA'
   -- GBP5.4 million Class B: 'AA'
   -- GBP3 million Class C: 'A'
   -- GBP3.1 million Class D: 'BBB'
   -- GBP3.7 million Class E: 'BB'

Although there has been significant negative credit migration in
the portfolio and an increase in expected losses since the deal
closed in December 2005, existing subordination is still enough
to maintain current ratings.  Five names were downgraded out of
which one name was downgraded by five notches and one by two
notches.  The deterioration in credit quality was slightly
offset by the upgrades of two names by one notch each.
Furthermore, the portfolio benefited from 15 projects moving
from the construction phase to the operations phase, inherently
decreasing the risk in the portfolio.  The portfolio is also
expected to improve with the remaining loans completing the
construction phase by August 2008.

Stichting Profile Securitisation I is a company with limited
liability, incorporated under the laws of the Netherlands.  At
closing, Sumitomo Mitsui Banking Corporation Europe Ltd bought
protection under a bank swap in respect of a GBP383 million
reference portfolio, net of a threshold amount, from the German
public agency Kreditanstalt fur Wiederaufbau.  KfW hedged its
exposure by entering into a senior swap with a senior swap
provider by issuing certificates of indebtedness credit-linked
to the performance of the underlying portfolio of debt
obligations.

The underlying projects use the skills and resources of the
private sector to build, fund and operate publicly financed
infrastructure assets such as hospitals, motorways and schools.
Upon repayment of one asset, the portfolio was replenished with
two new assets in November 2006.  The portfolio is highly
concentrated with each loan being approximately 3% of the
portfolio on average.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Agrees to Sell Stake to Littlejohn Fund
----------------------------------------------------------
Intertape Polymer Group Inc. disclosed that Littlejohn & Co.
LLC's indirect wholly owned subsidiary, Littlejohn Fund III
L.P., will acquire all of the company's outstanding common
shares at a price of US$4.76 per share in cash pursuant to a
definitive agreement entered into by Intertape and the
subsidiary.  Including net debt outstanding, the total
transaction value is approximately US$500 million.

The non-management members of the board of directors of the
company, after considering a number of factors, have unanimously
approved the Arrangement and agreed to recommend that the
company's shareholders approve the proposed Arrangement.

TD Securities Inc., as financial advisor to the company's board,
has concluded that as at May 1, 2007, the consideration to be
received under the Arrangement is fair, from a financial point
of view, to the holders of the company's common shares.

"The signing of the Arrangement Agreement is the result of the
review of strategic alternatives that was initiated by the Board
in October 2006 with the objective of enhancing value for all of
the company's shareholders," Michael L. Richards, chairman of
the board of directors of the company, said.  "During the course
of this review, the board, with the assistance of TD Securities,
evaluated a comprehensive range of value maximization
alternatives for the company in the context of its existing
capital structure and current operating environment.  These
alternatives included the sale of the company, raising
additional equity, and the sale of one or more of the company's
businesses to provide greater financial flexibility.  This value
maximization process included numerous strategic and financial
parties."

"Intertape represents an opportunity for Littlejohn to invest in
a market leader and work closely with their management team to
generate operating performance improvements and drive growth."
Edmund J. Feeley, Partner of Littlejohn, said.  "Based on
Littlejohn's successful track record of investing in companies
like Intertape, Littlejohn is confident that it can add value."

Pursuant to the Arrangement, holders of the outstanding common
shares of the company would receive US$4.76 cash per share,
which represents a 5.5% premium over the volume weighted average
trading price on the NYSE over the 30 trading days prior to
today's disclosure.

"The board has carefully weighed the Arrangement against
alternatives available to the company, and has determined that
the Arrangement provides the best value available to the
company's shareholders," Michael L. Richards further stated.
"Each member of the board intends to vote his shares in favor of
the Arrangement," he added.

"This transaction is also positive for the company's employees,
customers and suppliers as Littlejohn is dedicated to continue
to build on the strong market position of Intertape going
forward, H. Dale McSween, interim chief executive officer of the
company," said.

The transaction will be implemented by way of a court-approved
plan of arrangement under Canadian law and accordingly, subject
to the approval of two-thirds of the votes cast by the company's
shareholders at a special meeting of shareholders anticipated to
take place in late June 2007.  In addition, the Arrangement will
require approval by the Superior Court of Quebec in the District
of Montreal.  The transaction will be subject to certain other
customary conditions described in the Arrangement Agreement,
including receipt of a limited number of regulatory approvals
and no material adverse change in the company's business.  The
transaction is not subject to any financing condition.
Littlejohn has received a commitment for the required debt
financing and Littlejohn Fund III L.P. intends to fund the
equity required to complete the transaction.  It is anticipated
that the Arrangement, if approved by the company's shareholders,
will be completed early in the third quarter of 2007.

The Arrangement Agreement also provides a non-solicitation
covenant on the part of the company, a right in favor of
Littlejohn to match any superior proposal and the payment of a
termination fee to Littlejohn in the amount of US$5.9 million
under certain circumstances.

                     About Littlejohn & Co. LLC

Based in Greenwich, Connecticut, Littlejohn & Co. LLC --
http://www.littlejohnllc.com/-- is a private equity firm that
makes control equity investments in mid-sized companies that are
underperforming their potential and can benefit from its
operational and strategic approach.  The company acts as a
change agent and works closely with management to establish
viable operating strategies, reinvigorate marketing and product
initiatives, maximize the utilization of operating assets and
establish a framework in which all corporate constituents-
customers, employees, suppliers, management and equity
interests-are aligned towards a common goal of success.  The
firm manages three investment funds with committed capital of
US$200 million (Fund I), US$530 million (Fund II), and US$650
million (Fund III).

                      About Intertape Polymer

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops
and manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  Headquartered in Montreal, Quebec
and Sarasota/Bradenton, Florida, the company employs about 2450
employees with operations in 18 locations, including 13
manufacturing facilities in North America, one in Portugal and
in Mexico.

                          *     *     *

Intertape Polymer Group, Inc. carries Standard & Poor's Ratings'
'B-' corporate credit and senior secured ratings.  In addition,
the company also carries Standard & Poor's 'CCC' senior
subordinated rating.


===========
R U S S I A
===========


ALTAIR-TRANS CJSC: Creditors Must File Claims by June 14
--------------------------------------------------------
Creditors of declared CJSC Altair-Trans have until June 14 to
submit proofs of claim to:

         V. Leonov
         Insolvency Manager
         Post User Box 86
         Mekhovshiko
         Kazan
         420108 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56-19557/2006-SG4-16.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         CJSC Altair-Trans
         Osinovo
         Zelenodolskiy
         Tatarstan
         Russia


BALAKHTINSKOYE CJSC: Asset Sale Slated for May 15
-------------------------------------------------
V. Lebedev, the insolvency manager and bidding organizer for
CJSC Balakhtinskoye, will open a public auction for the
company's properties at noon on May 15 at:

         CJSC Balakhtinskoye
         Lenina 1
         Chistoye Pole
         Balakhtinskiy
         Krasnoyarsk
         Russia

The case is docketed under Case No. A33-31604/2005.

The company has set a RUR6,760,800 starting price for the
auctioned assets.

Interested participants have until May 14 to deposit an amount
equivalent to 5% of the starting price.

Bidding documents must be submitted to:

         V. Lebedev
         Post User Box 4
         Berezovka
         Berezovskiy
         Krasnoyarsk
         Tel: (275) 2-24-00, 2-31-52

The Debtor can be reached at:

         CJSC Balakhtinskoye
         Chistoye Pole
         Balakhtinskiy
         Krasnoyarsk
         Russia


EAR OF PRISHIMYE: Creditors Must File Claims by May 14
------------------------------------------------------
Creditors of LLC Agrarian Company Ear of Prishimye (TIN
7205012754) have until May 14 to submit proofs of claim to:

         S. Leshev
         Temporary Insolvency Manager
         Kirova Str. 10-88
         Yugorsk
         Khanty-Mansiyskiy
         628260 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A70-992/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Agrarian Company Ear of Prishimye
         Tsentralnyj Pr. 4
         Shablykino
         Ishimskiy
         Tyumen
         Russia


ENERGY INVESTMENTS: Creditors Must File Claims by May 14
--------------------------------------------------------
Creditors of LLC Energy Investments have until May 14 to submit
proofs of claim to:

         T. Rogozina
         Insolvency Manager
         Post User Box 260
         Petrozavodsk
         185001 Kareliya
         Russia

The Arbitration Court of Kareliya will convene at 10:00 a.m. on
Aug. 21 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A26-937/2007.

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya
         Russia

The Debtor can be reached at:

         LLC Energy Investments
         Leningradskaya Str. 6B
         Petrozavodsk
         185031 Kareliya
         Russia


FRIGATE CJSC: Creditors Must File Claims by June 14
---------------------------------------------------
Creditors of declared CJSC Trading Company Frigate have until
June 14 to submit proofs of claim to:

         M. Brylev
         Insolvency Manager
         Post User Box 119
         191123 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31813/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Trading Company Frigate
         Building 1
         Shelisselburgskiy Pr. 17
         193177 St. Petersburg
         Russia


GORSKOYE OJSC: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of OJSC Gorskoye have until May 14 to submit proofs of
claim to:

         V. Prudiev
         Insolvency Manager
         Office 25
         Karelskaya Str. 37
         163001 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-1111/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Gorskoye
         Staroyuryevo
         Arkhangelsk
         Russia


GRIBANOVSKIY SUGAR: Creditors Must File Claims by June 14
---------------------------------------------------------
Creditors of declared LLC Gribanovskiy Sugar have until June 14
to submit proofs of claim to:

         L. Shkilev
         Insolvency Manager
         Belinskogo Str. 48
         305001 Kursk
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-10630/2006-213/16B.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Gribanovskiy Sugar
         Sakhzavodskaya Str. 22
         Gribanovskiy
         Voronezh
         Russia


HOME CREDIT: S&P Lifts Rating to B+ on Likely Parental Support
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counter-party credit ratings on Russia-based Home Credit
and Finance Bank LLC to 'B+/B' from 'B/C'.  The outlook is
stable.

"The upgrade reflects our expectation of support from HCFB's
ultimate owner, the PPF Group N.V.," said Standard & Poor's
credit analyst Eugene Tarzimanov.

The rating agency classifies HCFB as a strategically important
subsidiary of PPF, which benefits the bank in terms of capital,
funding, risk management, and IT.

The ratings are nevertheless constrained by the bank's low
profitability, its short track record in Russia's undeveloped
consumer finance market, and a lack of funding diversification.
Positive factors include the bank's good capitalization and
growing business volumes, fuelled by Russia's improving economy.

"We expect HCFB to improve its profitability while keeping its
high risk-reward strategy, and we expect PPF to continue
providing capital, funding, and operating support to HCFB," said
Mr. Tarzimanov.

An upgrade would be contingent on the bank's generating higher
profitability while maintaining adequate asset quality and good
capitalization.  A negative rating action could result if asset
quality indicators deteriorated to the extent that they could
not be absorbed by the high-risk premiums and led to an
excessive drop in capitalization that would not be covered by
HCFB's owner.


INTER-RESOURCE OJSC: Creditors Must File Claims by May 14
---------------------------------------------------------
Creditors of OJSC Trade-Financial Group Inter-Resource (TIN
6154059236) have until May 14 to submit proofs of claim to:

         N. Agureev
         Temporary Insolvency Manager
         Klykova Str. 5/5
         Elista
         385000 Kalmykiya
         Russia

The Arbitration Court of Kalmykiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A22-195/07/9-26.

The Debtor can be reached at:

         OJSC Trade-Financial Group Inter-Resource
         Klykova Str. 8/8
         Elista
         358000 Kalmykiya
         Russia


RASPADSKAYA OJSC: Fitch Assign B+ Ratings with Stable Outlook
-------------------------------------------------------------
Fitch Ratings assigned Russia-based OJSC Raspadskaya an Issuer
Default 'B+' rating and a Short-term 'B' rating.  The Outlook on
the Issuer Default rating is Stable.

Fitch has also assigned Raspadskaya Securities Limited's
proposed issue of US$200 million to US$250 million loan
participation notes expected senior unsecured 'B+' and Recovery
'RR4' ratings.  The final ratings on the notes are contingent on
the receipt of final documentation conforming to information
already received and further details regarding the amount and
tenor.

The ratings reflect Raspadskaya's position as the second largest
coking coal producer in Russia, strong financial profile as well
as low-cost advantages.  The company has the highest
profitability among Russian and international metals and mining
peers rated by Fitch with a FY06 EBITDAR margin of 55% on a pro-
forma basis.  Furthermore, Raspadskaya stands out among other
coking coal producers based on its low cash costs of production,
underpinned by its modernization program and newly launched
preparation plant.  Raspadskaya also had a track record of a
conservative financial policy before debt-funded acquisitions in
2006 took its leverage to 1.4x, up from 0.2x in 2005.  Although
cash flow generation is expected to be sufficient to facilitate
quick de-leveraging, Fitch notes the company's current
dependence on a short-term US$300 million bridge loan, which
expires in June.

The ratings also factor in Raspadskaya's modest diversification
across products, geography of sales and customers.  Its focus on
one product increases the company's exposure to one commodity
cycle whereas its focus on the domestic market in conjunction
with a concentrated customer base could amplify the company's
vulnerability to the industry cyclicality.  Furthermore, Fitch
notes Raspadskaya's limited scale of operations, which could
restrain operational and financial flexibility, particularly in
an industry downturn.  Fitch also notes that Raspadskaya is
engaged in large related-party transactions (39% of FY06
EBITDAR), the largest portion of which is attributed to sales to
steel maker Evraz, one of the main shareholders of the company.
Although Evraz and Raspadskaya have a successful long-term
relationship, any shift in Evraz's strategy towards other
Russian coking coal producers may significantly affect the
operations of Raspadskaya.

Raspadskaya SL, a special purpose vehicle, is a public limited
liability company incorporated in Ireland.  The notes are
limited recourse obligations of the issuer.  While the notes are
referred to as "secured", such security is established to ensure
a link to the ultimate borrower Raspadskaya by assigning certain
rights under a loan agreement between the SPV and Raspadskaya.
The purpose of Raspadskaya SL is to issue the notes and lend the
proceeds under a loan agreement to Raspadskaya.  The latter will
use the proceeds to refinance existing short-term US$300 million
bridge loan.  The loan agreement is governed by English laws.

Covenants in the loan agreement include, among others, an equal
ranking of the loan with present or future unsecured creditors
of Raspadskaya and a negative pledge.  Raspadskaya also has a
net leverage ceiling of 3x.  With FY06 net debt/EBITDA ratio of
1.4x, the company has some headroom under the above-mentioned
covenant.  Following the bond issue, the company also plans to
issue a syndicated loan of about US$100 million to
US$150 million.


ROS-MIN-VODY: Creditors Must File Claims by May 14
--------------------------------------------------
Creditors of LLC Company Ros-Min-Vody have until May 14 to
submit proofs of claim to:

         A. Maevskiy
         Insolvency Manager
         Office 602
         Chernyshevskogo Str. 100
         410056 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-2287/07-40.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Company Ros-Min-Vody
         Saratov
         Russia


ROSLAYN CJSC: Creditors Must File Claims by May 14
--------------------------------------------------
Creditors of CJSC Furniture Factory Roslayn have until May 14 to
submit proofs of claim to:

         S. Zelenchekov
         Insolvency Manager
         Office 24
         Lenina Pr. 64
         Volzhskiy
         404110 Volgograd
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10240/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Furniture Factory Roslayn
         Objezdnaya Str. 25A
         Stavropol
         Russia


ROSTEK-MURMANSK CJSC: Creditors Must File Claims by May 14
----------------------------------------------------------
Creditors of CJSC Rostek-Murmansk have until May 14 to submit
proofs of claim to:

         S. Ryzhkov
         Temporary Insolvency Manager
         Office 719
         Knipovicha Str. 23
         183039 Murmansk
         Russia

The Arbitration Court of Murmansk will convene at 2:30 p.m. on
Oct. 1 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A42-975/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Rostek-Murmansk
         K. Libknekhta Str. 27
         Murmansk
         Russia


SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by June 14
--------------------------------------------------------
Creditors of declared OJSC Sel-Khoz-Tekhnika have until June 14
to submit proofs of claim to:

         S. Postnov
         Insolvency Manager
         Rzhevskaya Str. 10
         170023 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-9249/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Olenino
         Tver
         Russia


SEVERSTAL OAO: Annual General Meeting Slated for June 15
--------------------------------------------------------
OAO Severstal will hold its Annual General Meeting at noon on
June 15 at:

         Metallurgists Palace
         41 Stalevarov Street
         Cherepovets
         Vologda Region
         Russia

The registration of participants will start at 11.00 a.m. on
that date.

The Board of Directors of has approved the agenda of AGM 2007,
which include:

   1. election of the members of the Board of Directors of OAO
       Severstal;

   2. approval of annual report, annual accounting report
      including income statement report;

   3. distribution of profit for the year ended Dec. 31, 2006.
      approval of dividend for the year ended Dec. 31, 2006;

   4. election of Chief Executive Officer of OAO Severstal;

   5. approval of the new edition of Charter of OAO C Severstal;

   6. approval of the new edition of Regulation on Board of
      Directors of OAO Severstal;

   7. election of the members of check-up committee of OAO
      Severstal;

   8. approval of an auditor of OAO Severstal; and

   9. approval of an interested party deal (a number of related
      deals) between OAO Severstal and Promishlenno-Stroitelni
      Bank to allocate company's funds into bank deposits in
      Russian rubles and foreign currency on the following
      terms: the maximum amount limited by RUR150,000,000,000;
      the minimum interest rate not lower than 3% per annum; and
      allocation period more than one day.

The Board of Directors recommended a dividend of RUR5 rubles per
one share and per one global depositary receipt for the year
ended Dec. 31, 2006.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

In a TCR-Europe report on April 24, Fitch Ratings revised the
Outlooks on OAO Severstal's Issuer Default and National Long-
term ratings to Positive from Stable.  In addition, Fitch has
affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As reported in the TCR-Europe on April 16, Moody's Investors
Service's confirmed its Ba3 Corporate Family Rating for
Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%


As of Feb. 1, Severstal also carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's.  Outlook is stable.


STANDARD BANK: S&P Lifts Ratings to BB- on Sustained Growth
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term counter-
party credit rating to 'BB-' from 'B+' and Russia national scale
rating to 'ruAA-' from 'ruA+' on Russian Standard Bank CJSC.  At
the same time, the 'B' short-term counter-party credit rating
was affirmed.  The outlook is stable.

"The upgrade reflects RSB's sustained commercial and financial
performance, supported by the bank's leading position in the
domestic consumer finance market, successful business model,
adequate credit risk management systems, and strong
profitability," said Standard & Poor's credit analyst
Ekaterina Trofimova.

The ratings are still constrained by the high risks of operating
in the fast-growing, increasingly competitive, and inherently
higher risk Russian consumer finance market that is yet to be
tested by an economic downturn, as well as by RSB's confidence-
sensitive wholesale funding.

The largest specialized consumer finance bank in Russia, RSB
also ranks among the top 15 domestic banks, with assets of
RUR193 billion (US$7.3 billion) and consumer loans of
RUR182 billion at Dec. 31, 2006.

"We expect that, in the context of Russia's growing economy, RSB
will continue successfully expanding its consumer finance
business, while keeping credit and funding risks under control,"
said Ms. Trofimova.

The ratings could be raised if the bank builds a longer track
record of strong profitability as well as solidifies asset
quality, at levels appropriate for its business model in an
increasingly competitive environment, namely amid lower lending
interest rates, while enhancing capitalization.

The ratings could be lowered if the bank's financial indicators
were to show significant deterioration, namely a sharp rise in
delinquencies, a significant drop in profits that would
negatively affect capitalization, or material pressure on
capitalization due to rapid loan growth.


STAROYURYEV-AGRO-PROM-KHIMIYA: Claims Filing Period Ends May 14
---------------------------------------------------------------
Creditors of OJSC Staroyuryev-Agro-Prom-Khimiya have until
May 14 to submit proofs of claim to:

         V. Vinogradov
         Temporary Insolvency Manager
         Apartment 2
         Mira Str. 32
         Sosnovka
         Tambov
         Russia

The Arbitration Court of Tambov will convene at 9:50 a.m. on
July 23 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A64-941/07-21.

The Debtor can be reached at:

         OJSC Staroyuryev-Agro-Prom-Khimiya
         Staroyuryevo
         Tambov
         Russia


VELSKAYA OJSC: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of OJSC Poultry Farm Velskaya have until May 14 to
submit proofs of claim to:

         V. Prudiev
         Insolvency Manager
         Office 25
         Karelskaya Str. 37
         163001 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-05-1100/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         V. Prudiev
         Insolvency Manager
         Office 25
         Karelskaya Str. 37
         163001 Arkhangelsk
         Russia


VOLOGODSKAYA HOLDING: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of declared OJSC Vologodskaya Holding Company have
until June 14 to submit proofs of claim to:

         A. Krasilnikov
         Insolvency Manager
         Office 18a
         Chekhova Str. 4
         160009 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-7628/2006-25.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         OJSC Vologodskaya Holding Company
         Vologda
         Russia


YUKOS OIL: Promregion Offers RUR4.9 Billion for Southern Assets
---------------------------------------------------------------
Promregion Holding has won a bid to acquire OAO Yukos Oil Co.'s
assets in the Krasnodar Region for RUR4.9 billion, published
reports say.

Versar, Promregion, and Neft Aktiv (an OAO Rosneft Oil
subsidiary) participated in the ninth auction for the bankrupt
oil concern's assets.  The lot carried a RUR3.7 billion starting
price, a bid increment of RUR37.1 million, and a required
deposit sum of RUR742.4 million.

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

   -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating
      Company and Kubanskiye Magistralnyye Seti public
      companies;

   -- 100% stake in OOO Val Shatskogo;

   -- 51% stake in the OOO Yu-Kuban; and

   -- a promissory note of Stavropolnefteprodukt with a face
      value of R1.16 million.]

OAO Lukoil representative Dmitry Dolgov denied speculations that
Promregion is linked to the company.  In a TCR-Europe report on
May 2, Lukoil vice president Leonid Fedun earlier said it will
not participate in the remaining auctions for Yukos' bankrupt
assets noting that the latter's main assets have already been
"practically distributed".

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


=========
S P A I N
=========


SANTANDER CONSUMER: S&P Assigns Junk Ratings to Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by Fondo
de Titulización de Activos Santander Consumer Spain Auto 07-1,
an SPE.

The collateral comprises a portfolio of loans granted to
individuals and enterprises for buying new or used cars. The
originator of the loans is Santander Consumer, E.F.C., S.A., a
subsidiary of Santander Consumer Finance.

This is SCF's third securitization in Spain.  The previous
transaction, Fondo de Titulizacion de Activos Santander Consumer
Spain Auto 06 closed in October 2006.

Compared with the previous transaction, Santander Consumer Spain
Auto 07-1 features a variable guaranteed margin provided by the
swap.  This feature is previously unheard of in Spanish ABS
securitizations, and has been proposed for the first time for
this transaction.

                          Ratings List

Fondo de Titulización de Activos Santander Consumer Spain Auto
   07-1 EUR2.04 Billion Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
            A              AAA                1,902
            B              A                     78
            C              BBB                   20
            D              CCC-                  40


===========
S W E D E N
===========


BRIGHTPOINT INC: Earns US$35.6 Million in Full Year 2006
--------------------------------------------------------
Brightpoint Inc. reported net income of US$35.6 million for the
year ended Dec. 31, 2006, compared with net income of US$10.4
million for the year ended Dec. 31, 2005.  Results of operations
for 2005 included a loss from discontinued operations of US$21.5
million relating primarily to Brightpoint France, which was sold
on Dec. 16, 2005.

Total revenue was US$2.4 billion for the year ended
Dec. 31, 2006, which represents growth of 13% compared to total
revenue of US$2.1 billion for the year ended Dec. 31, 2005.

Operating income from continuing operations increased to
US$48.4 million in 2006 from US$44.4 million in 2005.  The
increase in operating income was due to an US$18.9 million
increase in gross profit, partly offset by a US$15.8 million
increase in selling, general and administrative expenses.
Operating income also improved due to the US$900,000 facility
consolidation charge during 2005 that did not recur during 2006.

Cash and cash equivalents were US$54.1 million at Dec. 31, 2006,
a decrease of US$49.5 million from Sept. 30, 2006.  Liquidity
(unrestricted cash and unused borrowing availability) was
approximately US$129.8 million as of Dec. 31, 2006, compared to
US$202 million as of Sept. 30, 2006.

At Dec. 31, 2006, the company's balance sheet showed
US$778.3 million in total assets, US$583.5 million in total
liabilities, and US$194.8 million in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1e5d

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


=====================
S W I T Z E R L A N D
=====================


ABLANDSCHEN SPORTANLAGEN: Liquidation Claims Due May 23
-------------------------------------------------------
Creditors of JSC Ablandschen Sportanlagen have until May 23 to
submit their claims to:

         Hans Danzer
         Liquidator
         Sagimoos
         1657 Ablandschen
         Switzerland

The Debtor can be reached at:

         JSC Ablandschen Sportanlagen
         Saanen BE
         Switzerland


BY THE WAY: Creditors' Liquidation Claims Due May 29
----------------------------------------------------
Creditors of LLC By the way fashion have until May 29 to submit
their claims to:

         Ingrid Hauk
         Liquidator
         Seestrasse 56A
         3800 Unterseen
         Interlaken BE
         Switzerland

The Debtor can be reached at:

         LLC By the way fashion
         Interlaken BE
         Switzerland


FIMA CONSULTING: Creditors' Liquidation Claims Due May 25
---------------------------------------------------------
Creditors of JSC FIMA Consulting have until May 25 to submit
their claims to:

         Leuthold Treuhand
         Liquidator
         Kasernenstrasse 30
         8180 Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC FIMA Consulting
         Bulach ZH
         Switzerland


GROUP 3M: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Group 3M on March 20.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Group 3M
         6300 Zug
         Switzerland


JMW PUMPEN: Creditors' Liquidation Claims Due May 21
----------------------------------------------------
Creditors of JSC JMW Pumpen have until May 21 to submit their
claims to:

         Dr. Markus Dorig
         Liquidator
         Badertscher Dorig Poledna
         Muhlebachstrasse 32
         Postfach 769
         8024 Zurich
         Switzerland

The Debtor can be reached at:

         JSC JMW Pumpen
         Guttingen
         Kreuzlingen TG
         Switzerland


KANALWURM ABLAUFREINIGUNGS: Liquidation Claims Due May 24
---------------------------------------------------------
Creditors of LLC Kanalwurm Ablaufreinigungsservice have until
May 24 to submit their claims to:

         Robert Munz
         Liquidator
         Schulstrasse 25
         5417 Untersiggenthal
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Kanalwurm Ablaufreinigungsservice
         Untersiggenthal
         Baden AG
         Switzerland


SEVEN LAYERS: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Seven Layers on March 13.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Seven Layers
         Baarerstrasse 57
         6304 Zug
         Switzerland


WIBE LLC: Creditors' Liquidation Claims Due May 23
--------------------------------------------------
Creditors of LLC WiBe have until May 23 to submit their claims
to:

         Hanspeter Wittwer
         Liquidator
         Unterdorf 2
         6262 Langnau bei Reiden
         Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC WiBe
         Biel/Bienne BE
         Switzerland


ZAZA RISTORANTE: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Zaza Ristorante on April 11.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Zaza Ristorante
         Rathausgasse 14
         5400 Baden AG
         Switzerland


ZYTOLAB JSC: Creditors' Liquidation Claims Due May 31
-----------------------------------------------------
Creditors of JSC Zytolab have until May 31 to submit their
claims to:

         JSC Treuhand Strasser
         Liquidator
         Moserstrasse 24
         Postfach 685
         3000 Bern
         Switzerland

The Debtor can be reached at:

         JSC Zytolab
         Bern
         Switzerland


===========================
U N I T E D   K I N G D O M
===========================


ADVANSTAR COMMUNICATIONS: Gets Requisite Consents to Amend Notes
----------------------------------------------------------------
Advanstar Communications Inc. received requisite consents from
holders of approximately:

   -- 100% of its outstanding 10-3/4% Second Priority Senior
      Secured Notes due 2010 (CUSIP Nos. 00758RAM6 and
      00758RAH7); and

   -- 93.41% of its 12% Senior Subordinated Notes due 2011
      (CUSIP No. 00758RAF1).

Advanstar, Inc., has also received consents from holders of
97.96% of its 15% Senior Discount Debentures due 2011 (CUSIP No.
00759JAE1).

The consents are sufficient to effect all of the proposed
amendments to the indentures governing each of the Notes as set
forth in the Issuers' Offer to Purchase and Consent Solicitation
Statement dated April 19, 2007 and the related Consent and
Letter of Transmittal, pursuant to which the tender offers and
the consent solicitations are being made.  The proposed
amendments eliminate substantially all of the restrictive
covenants and eliminate or modify certain default provisions in
the indentures.  The proposed amendments to the indenture
governing the Senior Secured Notes also release the security
interest in the collateral under that indenture and related
security documents.

As reported in the Troubled Company Reporter on April 26, 2007,
the tender offers and consent solicitations will expire at
5:00 p.m., New York City time, on May 18, 2007, unless extended.
The Issuers intend to extend the Expiration Date until closing
of the acquisition of the Issuers, which is expected to occur on
or about May 31, 2007.  The purchase price, assuming a
settlement date of May 31, 2007, for each US$1,000 principal
amount outstanding of Senior Secured Notes is US$1,057.53, the
price calculated from the yield to maturity on the applicable
reference United States Treasury, as of 10:00 a.m., New York
City time, May 2, 2007, plus a fixed spread of 0.50% less the
consent payment.  The purchase price for each US$1,000 principal
amount outstanding of Senior Subordinated Notes is US$1,013.50,
and the purchase price for each US$1,000 principal amount
outstanding of Debentures is US$1,012.50.

Holders who tendered their Notes and delivered their consents on
or prior to the Consent Date will, in addition to the purchase
price, receive a consent payment of US$30 per US$1,000
outstanding principal amount of Notes tendered and accepted in
the tender offers.  Holders whose Notes are accepted for
purchase in the tender offers will also receive accrued and
unpaid interest to, but not including, the settlement date for
the tender offers.

The Issuers will proceed to execute supplemental indentures
effecting the proposed amendments to the indentures governing
each series of Notes.  The supplemental indentures will become
operative only if the Issuers accept the Notes for payment
pursuant to the terms of the tender offers.  When the
supplemental indentures become operative, they will be binding
on the holders of Notes not purchased in the tender offers.

Credit Suisse Securities (USA) LLC is the exclusive Dealer
Manager and Solicitation Agent for the tender offers and consent
solicitations.  Questions regarding the tender offers and
consent solicitations may be directed to Credit Suisse
Securities (USA) LLC's Liability Management Group, at (800) 820-
1653 (toll free) or (212) 538-0652 (collect).  Requests for the
Statement, Consent and Letter of Transmittal or other documents
related to the tender offers and solicitations may be directed
to the Information Agent, D.F. King & Co., Inc., at (888) 628-
8208 (toll free).

                About Advanstar Communications Inc.

Headquartered in New York City, Advanstar Communications Inc. --
http://www.advanstar.com/-- a wholly owned subsidiary of
Advanstar Inc., provides integrated marketing solutions for the
Fashion, Life Sciences and Powersports industries.  Advanstar
serves business professionals and consumers in these industries
with its portfolio of 91 events, 66 publications and
directories, 150 electronic publications and Web sites, well as
educational and direct marketing products and services.
Advanstar has roughly 1,000 employees and currently operates
from multiple offices in North America and in the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Moody's Investors Service placed the ratings of Advanstar
Communications Inc., under review for possible downgrade.  The
ratings placed under review were the company's First lien senior
secured revolving credit facility, Ba3; Senior secured first
lien term loan, Ba3; 10.75% senior secured second priority
notes, B1; 12% senior subordinated global notes, Caa1; Corporate
Family rating, B3; and Probability of Default rating, B3.  The
ratings review follows the report that Advanstar has entered
into a definitive agreement to be acquired by an investor group
led by Veronis Suhler Stevenson in a transaction valued at
around US$1.1 billion.


AES DATA: Proof of Claim Deadline Slated for May 31
---------------------------------------------------
Creditors of AES Data Ltd. have until May 31 to submit their
proofs of debt to:

         Filippa Connor
         Liquidator
         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England

Filippa Connor of B & C Associates was appointed liquidator of
the company on April 23.


ALERIS INTERNATIONAL: Completes EKCO Products Acquisition
---------------------------------------------------------
Aleris International Inc. has completed its purchase of EKCO
Products' assets, a light gauge sheet and heavy gauge foil
producer headquartered in Clayton, New Jersey.

As reported in the Troubled Company Reporter-Latin America on
April 27, 2007, Aleris International has entered into a
definitive agreement with Charter Oak Capital Partners to
acquire the assets of EKCO Products.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported on Dec. 22, 2006, Standard & Poor's rated Aleris
International Inc.'s senior secured first-lien term loan carries
at 'B+' loan and gave the company a '2' recovery rating after
the report that the company increased the term loan by
US$125 million.

Ratings List:

   * Aleris International Group

      -- Corporate Credit Rating at B+/Stable/
      -- Senior Secured B+


ALL AMERICAN: Court Approves First Day Motions and DIP Financing
----------------------------------------------------------------
All American Semiconductor Inc. disclosed the approval of its
first day motions by the U.S. Bankruptcy Court for the Southern
District of Florida, Miami Division.  The company received
approval of first day motions seeking relief to enable the
company to continue operations during the Chapter 11 process,
including debtor-in-possession financing from its existing bank
group, and the payment of prepetition, employee-related and
certain customer obligations.

In addition, All American received Bankruptcy Court approval of
bidding procedures for an auction sale of its businesses as a
going concern to be completed no later than June 8, 2007.

The Court approved interim DIP financing of up to US$13 million,
which is expected to provide the company with sufficient
liquidity to continue operations during the Chapter 11 case and
is based on a budget agreed upon with the bank group.  The final
hearing on DIP financing is scheduled on May 17.

"The company is pleased with this outcome," Bruce Goldberg,
president and ceo of All American, said.  "The Court's approval
of the company's motions allows All American to continue as a
going concern as the company works towards an auction sale of
the business."

The approved sale process provides for interested purchasers to
complete due diligence and submit binding bids by May 28, 2007,
with the auction scheduled for May 31 at the Miami offices of
the company's counsel, Squire, Sanders & Dempsey, LLP.  The
hearing to approve a sale to the highest bidder at the auction
is scheduled for June 5, 2007, with the sale closing no later
than June 8.

Prior to the company's bankruptcy filing, it signed a nonbinding
letter of intent with a potential purchaser of substantially all
of the company's and its subsidiaries' assets.  The company
advised the Bankruptcy Court that it is actively negotiating a
binding purchase agreement with this party to become the
stalking horse for the sale.  In the event such an agreement is
reached, specific stalking horse protections, including a
breakup fee, will be subject to the approval of the DIP lenders
and the Bankruptcy Court.  In addition, a sale to the highest
bidder at the auction will also require the approval of the
Bankruptcy Court.

On April 25, 2007, All American and its 33 subsidiaries in the
United States, Canada, Mexico, Europe and Asia filed voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code.   All American determined to file for relief under Chapter
11 after extensively exploring and carefully evaluating all of
its options.  All American believes that the Chapter 11 process
provides the best alternative for maximizing the value of the
company for the benefit of its stakeholders including suppliers,
customers and employees.

                        About All American

All American Semiconductor Inc -- http://www.allamerican.com/--
(Nasdaq: SEMI) (Pink Sheets: SEMI.PK) is a Delaware corporation
with its principle place of business in Miami, Florida.  It also
maintains corporate offices for West Coast operations in San
Jose, California.  All American is a distributor of electronic
components manufactured by others.  The company distributes a
full range of semiconductors including transistors, diodes,
memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive
components such as capacitors, resistors and inductors; and
electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  All American also
offers complete solutions for flat panel display products.  In
total, the company offers approximately 40,000 products produced
by approximately 60 manufacturers.  These products are sold
primarily to original equipment manufacturers in a diverse range
of industries such as manufacturers of computers and computer-
related products, networking, satellite, wireless and other
communications products; Internet infrastructure equipment and
appliances; automobiles and automotive subsystems; consumer
goods; voting and gaming machines; defense and aerospace
equipment; and medical instrumentation.  The company also sells
products to contract electronics manufacturers who manufacture
products for companies in all electronics industry segments.

The company has 36 strategic locations throughout North America,
as well as operations in both Asia and Europe, particularly
South Korea and England and Wales.

The company and its Debtor-affiliates filed for Chapter 11
protection on April 25, 2007, (Bankr. Case No.: 07-12963 through
07-13002 S.D. Fla.)  Tina M. Talarchyk, Esq. of the Squire
Sanders & Dempsey LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed total assets of US$117,634,000
and total debts of US$106,024,000.


AMERICAN MEDICAL: Earns US$3.69 Million for First Quarter 2007
--------------------------------------------------------------
American Medical Systems Holdings Inc. reported US$3.69 million
in net profit on US$108.39 million in net revenues for the first
quarter ended Mar. 31, 2007, compared with US$11.47 million in
net profit on US$73.62 million in net revenues for the first
quarter ended April 1, 2006.

"As we previously communicated, internal production and planning
issues, along with the specific vendor quality issues we
experienced during the first quarter, resulted in both top and
bottom line disruption as we were not able to fulfill all orders
due to product availability challenges," Martin J. Emerson,
President and Chief Executive Officer, said.  "In addition,
manufacturing rework and warranty costs associated with our new
HPS laser console applied pressure to our gross margin during
the quarter.  I am confident that the vast majority of these
costs are behind us, and as we look forward, we will see the
type of gross margin expansion we had planned for 2007."

"While the first quarter was clearly a disappointment, we remain
confident in our ability to address our supply issues during the
second quarter," Mr. Emerson noted.  "The underlying strength of
demand across much of our business in the first quarter means we
are poised to see strong revenue performance as we exit the
second quarter."

At Mar. 31, 2007, American Medical Systems had US$1.09 billion
in total assets, US$795.2 million in total liabilities and
US303.89 million in stockholders' equity.

                             Outlook

The Company reiterated the full year 2007 revenue guidance of
US$475 million to US$500 million and reported earnings per share
from continuing operations of US$0.63 to US$0.70.

Revenue projected for the second quarter of 2007 ranges from
US$112 million to US$118 million, with an anticipated earnings
per share range of US$0.08 to US$0.11.  It is anticipated that
all supply issues will be resolved during the second quarter;
however, these projected results assume a level of recovery time
in the market.

                       About American Medical

American Medical -- http://www.americanmedicalsystems.com/ --  
develops and delivers pelvic health products for both men and
women.  AMS has operations in Australia, Austria, Brasil,
Canada, Deutschland, Benelux, France, Iberica, Portugal, the
United Kingdom, and the USA.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2007, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology, the rating agency
confirmed its B1 Corporate Family Rating for American Medical
Systems Inc.  Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on these
loans and bond debt obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Senior Secured
   Revolver due 2012      Ba3      Ba2     LGD2        22%

   Senior Secured
   Term Loan B
   due 2012               Ba3      Ba2     LGD2        22%


ARMSTRONG WORLD: Earns US$26 Million in Quarter Ended March 31
--------------------------------------------------------------
Armstrong World Industries, Inc., reported first quarter 2007
net sales of US$863.4 million, up 5 percent, from US$822.2
million in the same period for 2006.  The sales increase
includes a US$15 million benefit from foreign exchange.

Reported operating income from continuing operations grew to
US$65.5 million from US$47.2 million in the first quarter of
2006.  Adjusted operating income from continuing operations of
US$61.7 million increased 28 percent compared to US$48.2 million
in the prior year quarter on the same basis.

The Company uses adjusted income from operations in managing the
business, and believes the adjustments provide users of this
financial information with meaningful comparisons of operating
performance between periods. Adjusted income excludes the impact
of fresh-start reporting, restructuring charges and related
costs, and certain other gains and losses to allow meaningful
comparisons of operating performance.  These adjustments
amounted to a benefit of US$3.8 million in the first quarter of
2007 compared to charges of US$1.0 million in the first quarter
of 2006.

First quarter 2007 adjusted operating income grew US$14 million
year-over-year despite significant weakness in the U.S.
residential markets. Growth in the company's commercial products
and in its international businesses combined with improved
manufacturing performance more than offset the impact of lower
sales of many residential products.

                        Segment Highlights

Resilient Flooring net sales were US$290.6 million in the first
quarter of 2007 and US$294.2 million in the same period of 2006.
Excluding the favorable impact of foreign exchange rates, net
sales decreased four percent. The decline was due to decreased
volume for residential vinyl products and lower laminate prices
in North America, partially offset by growth in Europe and Asia.
Reported operating income was US$10.8 million in the quarter
compared to a reported loss in the first quarter of 2006 of
US$3.9 million. Adjusted operating income of US$8.4 million
improved compared to income of US$5.3 million on the same basis
in the prior year period. The improvement was realized as
reduced manufacturing expense and lower SG&A expense offset the
decline in sales.

Wood Flooring net sales of US$199.2 million in the first quarter
declined 3 percent from US$205.2 million in the prior year as
volume declines related to the residential housing market
slowdown more than offset the benefit from previously announced
acquisitions. Reported operating income of US$8.4 million in the
quarter was below income of US$11.5 million reported in the
first quarter of 2006. Adjusted operating income of US$5.0
million declined from income of US$11.5 million on the same
basis in the prior year period. The reduction in operating
income was due to the decline in sales volume, unfavorable
product mix and higher lumber prices.

Building Products net sales of US$313.9 million in the first
quarter of 2007 increased from US$267.9 million in the prior
year. Excluding the effects of favorable foreign exchange rates
of US$8 million, sales increased by 14 percent due to price,
volume growth in Europe and the Pacific Rim and improved product
mix in North America. Reported operating income increased to
US$53.7 million from US$40.0 million in the first quarter of
2006. Adjusted operating income of US$57.5 million grew from
income of US$40.4 million on the same basis in the prior year
period. The growth was driven by improved price realization,
international volume growth, better product mix and improved
manufacturing productivity. These benefits were only partially
offset by inflation in raw materials and by increased investment
in SG&A to support the sales growth.

Cabinets net sales in the first quarter of 2007 of US$59.7
million increased 9 percent from US$54.9 million in 2006 on
increased volume. Reported operating income for the first
quarter of US$0.9 million improved from US$0.2 million in the
prior year, driven by the sales growth, partially offset by
increased investment in SG&A to support the sales growth. There
were no material adjustments to operating income in either
period.

Unallocated corporate expense of US$8.3 million in 2007
increased from US$0.6 million in 2006. Adjusted expense of
US$10.8 million increased from US$9.2 million on the same basis
in the prior year, primarily due to a lower U.S. pension credit
driven by unfavorable demographic changes.

                             Outlook

Global macroeconomic indicators suggest a diverse outlook for
the company's key markets for 2007.  Based on these indicators,
the company expects flat to modest growth across North American
and European commercial markets, and sustained growth in the
Pacific Rim. The outlook for North American residential markets
is uncertain due to the continuing weakness in U.S. housing
starts and mixed indicators for renovation. On a consolidated
basis, improved prices and increased manufacturing productivity
are anticipated to offset cost inflation.

                        About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc. (D/--/--), based on
preliminary terms and conditions.

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on
Oct. 2, 2006.  S&P said the outlook is stable.


DARCY INDUSTRIES: Creditors' Meeting Slated for May 15
------------------------------------------------------
Creditors of Darcy Industries Ltd. will hold its initial meeting
at 1:00 p.m. on May 15 at:

         Freemasons Hall
         36 Bridge Street
         Manchester
         M3 3BT
         England

Creditors who want to vote at the meeting have until May 14
submit a written statement of claim to:

         Paul Dumbell
         Joint Administrator
         KPMG Restructuring
         St. James Square
         Manchester
         M2 6DS
         England

A company may vote either by proxy or through a representative
appointed by board resolution.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


DECO SERIES: S&P Junks Class E Notes & Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the class E notes issued by DECO Series 2005-UK Conduit 1 PLC to
'CCC' and removed them from CreditWatch with negative
implications where they had been placed on April 10, 2007.  The
class D notes remain on CreditWatch negative.

At the same time, the ratings on the class A, B, and C notes
were affirmed.

The class D and E notes were placed on CreditWatch negative
following the publication on March 30 of a special notice by the
master servicer, Deutsche Bank AG.  In this notice new
valuations for the three properties securing the specially
serviced Kashani loan were reported as being considerably lower
than those provided at origination.

Standard & Poor's understands that the properties are to be
marketed for rent with a view to future sale within the next
month.  If sales are realized for each of the properties, based
on the new valuations, the proceeds will not be adequate to
repay the outstanding loan balance and will result in a loan
event of default.  Today's rating action on the class E notes is
in anticipation of this outcome.

The Kashani loan, which represents 1.4% of the outstanding pool
balance at January 2007, was transferred to special servicing on
Dec. 5, 2006 following the nonpayment of interest and principal
at the October 2006 interest payment date.  The liquidity
facility has been drawn upon on each subsequent interest payment
date to cover the interest due under the loan.

The facility is subject to an appraisal reduction mechanism,
which can reduce the amount of liquidity available to
noteholders if collateral values decrease.  The reduction
mechanism has now been triggered as a consequence of the
decrease in value of the Kashani assets.  Standard & Poor's
considers that in the future, the liquidity facility amount,
which can be drawn to cover the interest on the loan, will
reduce and will therefore result in interest shortfalls on the
junior notes.

Standard & Poor's continues to closely monitor the performance
of the four other loans (currently accounting for 5.1% of the
outstanding pool balance at January 2007) affected by the
administration of the London and Edinburgh Swallow Group who was
originally a tenant in 12 properties securing these loans.

The Creditwatch negative placement remaining on the class D
notes reflects Standard & Poor's concern over the situation and
the class D notes' increased exposure to possible adverse
developments associated with these loans.

The transaction closed in July 2005 and originally comprised 23
loans, plus an additional five prefunded loans added to the pool
in October 2005, secured on 59 commercial and residential real
estate properties in England and Scotland.  As of the January
2007 interest payment date, the outstanding balance was
GBP150.25 million and there were 19 loans remaining secured on
39 properties.

                          Ratings List

DECO Series 2005-UK Conduit 1 PLC
   GBP236.057 Million Commercial Mortgage-Backed Floating-Rate
   Notes

           Class               Rating
                      To                   From
                      --                   ----
Ratings Lowered and Removed From CreditWatch With Negative
Implications

           E          CCC                  BBB-/Watch Neg

Ratings Remaining On CreditWatch With Negative Implications

           D          BBB/Watch Neg        BBB/Watch Neg

Ratings Affirmed

           A          AAA
           B          AA
           C          A


EDWARDS UKCO: Moody's Assigns (P)B1 Rating on Strong Performance
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating to Edwards UKCo 1.  Simultaneously these
provisional ratings have been assigned to Edwards (Cayman Island
II) Limited:

   -- (P)Ba1 rating to the company's US$100 million
      Superpriority Revolver;

   -- (P)B1 rating to the company's US$370 million 1st Lien Term
      Loan; and

   -- (P)B3 rating to the company's US$245 million 2nd Lien PIK
      Toggle Loan.

The ratings for the facilities reflect both the overall
probability of default of the company, to which Moody's has
assigned a probability of default-rating of B1, and a loss given
default rating of LGD1 for the revolver, LGD3 for the 1st Lien
Term Loan and LGD5 for the 2nd Lien Term Loan.  The rating
outlook is stable.

Together with the company's management, CCMP Capital signed a
definitive agreement to acquire the equipment business of BOC
Edwards from Linde in a US$1 billion transaction.  The funding
and additional transaction costs will be sourced from US$325
million equity, a US$87 million contingent seller note and
US$715 million bank debt, including a US$100 million revolver.

"The assigned provisional (P)B1 ratings for Edwards reflects its
strong position as a market leader for vacuum equipment in the
semi-conductor industry as well as in other industry vacuum
applications," Oliver Giani, Vice President -- Senior Analyst
and Moody's lead analyst for European engineering and
manufacturing companies said.  In view of a high initial
leverage of this transaction, we take comfort from the company's
demonstrated ability to generate free cash flow despite the
cyclicality of the semiconductor industry, also benefiting from
the stabilizing contribution of its General Vacuum division and
substantial service revenues.  Revenues from general vacuum
equipment, together with vacuum service across both segments,
account for approximately 43% of FY06 revenues," he added.

Edwards' CFR reflects the company's:

   (i) track record of strong operational performance and free
       cash flow generation despite its exposure to a volatile
       semiconductor equipment industry (approximately 57% of
       2006 revenues);

  (ii) the company's leading market positions and strong
       competitive position;

(iii) continuous initiatives to reduce costs; and

  (iv) the diversified customer base.

The rating also takes into account:

   (i) the high debt leverage resulting in very weak interest
       coverage of 1.2x and Debt/EBITDA (excluding company-
       projected run-rate cost savings and including the
       contingent seller note) multiples above 6x at FYE 2006,
       which should however improve notably to below 6x when
       incorporating the impact of cost savings which have
       already materialized to some extent in the first quarter
       2007 and are expected to become fully visible this year;

  (ii) the pricing pressure of the group's main customers in the
       semiconductor industry;

(iii) the low product diversity and dependency on structural
       swings; and

  (iv) the f/x risk resulting from the fact that most of
       revenues are billed in US-Dollars with a significant cost
       base mainly in the U.K.

Moody's commented that taking into consideration the initially
high leverage and weak interest coverage metrics, the assigned
ratings incorporate the expectation of earnings and cash
improvements in line with company expectations, which should
also be supported by an expected improvement in the
semiconductor industry in the second half of 2007.  An inability
of the company to improve its leverage (Debt/EBITDA) below 6x by
FYE 2007 (end of September) or a weakening of its interest
coverage over that time horizon could exert downward rating
pressure

The (P)B1 rating of the US$370 million term loan reflects an
LGD3 loss given default assessment as both, this facility and
the revolver are secured by a first lien on materially all of
the company's assets.  The (P)Ba1 rating of the "super-priority"
revolver -- LGD1 loss given default assessment - reflects its
contractual priority versus the US$370 million term loan.  The
(P)B3 rating of the 2nd lien PIK toggle loan reflects an LGD5
loss given default assessment as it will be junior in priority
to the liens securing the 1st Lien Facilities.

Assignments:

   * Issuer: Edwards (Cayman Island II) Limited

     -- Senior Secured Bank Credit Facility, Assigned a range of
        07 - LGD1 to (P)Ba1;

     -- Senior Secured Bank Credit Facility, Assigned a range of
        42 - LGD3 to (P)B1;

     -- Senior Secured Bank Credit Facility, Assigned a range of
        80 - LGD5 to (P)B3

   * Edwards UKCo 1 Limited

     -- Probability of Default Rating, Assigned B1;

     -- Corporate Family Rating, Assigned (P)B1.

BOC Edwards, headquartered in Crawley, United Kingdom has a
leading position in the manufacturing of highly engineered
vacuum products and is world market leader in the supply of
vacuum.  The company offers its products and related services to
several markets including the semiconductor industry, the steel
industry, for the analysis of drugs, nanotechnology and genome
research and for the production of flat panel TVs and solar
panels, with the semiconductor industry being the main market
accounting for approximately 75% of total revenues.  Edwards
produces over 5,000 products ranging from simple vacuum gauges
to complex vacuum solutions for flat panel processing and serves
approximately 400 semiconductor equipment customers and 20,000
General Vacuum customers.  During the last twelve-month period
ending in December 2006, Edwards achieved revenues of US$1.1
billion, with a headcount of over 4,000 employees.


EDWARDS UKCO: S&P Assigns BB- Credit Rating with Stable Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB-' long-term
corporate credit rating to Edwards UKCo 1 Ltd., a leading
worldwide supplier of vacuum technology.  The outlook is stable.

In addition, the loans and facility of related entity Edwards
(Cayman Islands II) Ltd. have also been assigned ratings:

   -- US$100 million proposed super senior revolving credit
      facility, which has been assigned a recovery rating of
      '1', indicating a high expectation of full recovery of
      principal in the event of a payment default, and an issue
      rating of 'BB+'.

   -- US$370 million first-lien term loan, which has been
      assigned a recovery rating of '2', indicating substantial
      (80%-100%) recovery of principal in the event of a payment
      default, and an issue rating of 'BB-'.

   -- US$245 million second-lien payment-in-kind toggle loan,
      which has been assigned a recovery rating of '5',
      indicating negligible (0-25%) recovery of principal, and
      an issue rating of 'B'.

"The ratings on Edwards reflect the company's vulnerability to
the cyclicality of the semiconductor industry, high fixed costs,
raw materials dependence, and technology risks inherent within
the high precision manufacturing industry," said Standard &
Poor's credit analyst Louise Newey.  "These weaknesses are
partially offset by the company's global market-leading
positions within the sectors of semiconductor vacuum subsystem
supply, industrial vacuums, and R&D.  Edwards has significant
intellectual property in its core technologies and a broad
product portfolio including about 1,600 patented products."

The global vacuum technology market is worth an estimated US$4.0
billion, split between semiconductor markets (US$2.5 billion)
and general vacuums (US$1.5 billion).  Semiconductor-driven
sales represented 57% of Edwards's revenues in 2006 and general
vacuum revenues represented 20%, with the remainder from service
revenues.

S&P expects Edwards to continue maintaining its leverage
position, despite an expected dip in revenues in 2007 driven by
cyclicalities in semiconductor equipment revenues.  At the 'BB-'
rating level, the company is expected to achieve a
debt-to-EBITDA ratio of about 4.5x in 2007, and 4.0x or less in
2008 and 2009.  Any negative deterioration beyond this level
could require an adjustment in the rating, depending on the
reason for the deviation and the future prospects at the point
of the review.  S&P considers any upside movement in the rating
unlikely in the immediate term.

                       Unaudited Accounts

S&P's analysis of Edwards UKCo 1 Ltd. is based on unaudited
management accounts due to the unavailability of audited
accounts.  Standard & Poor's takes no responsibility for the
substance of these unaudited management accounts or the contents
of this document that use these unaudited accounts.  S&P make no
representation as to the accuracy or completeness of such
accounts.  Standard & Poor's expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance
upon the whole or any part of the contents of this document.
The analysis presented in this document may well be affected by
any change in the unaudited management accounts.


EMI GROUP: Confirms Approach of Potential Bidders
-------------------------------------------------
EMI Group PLC confirmed May 4, that it received a number of
preliminary indications of interest to acquire the company.

According to Wall Street Journal reporters, Daniel Thomas and
Jessica Hodgson, although EMI didn't identify the potential
bidders, recent reports have suggested that U.S. private-equity
firm One Equity has approached it on a takeover that would value
the company at about GBP3 billion.

EMI also faces takeover interest from two other U.S. private
equity firms, Fortress and Cerberus, Reuters reports, citing the
Financial Times as its source.

According to the report, all three private equity firms has sent
letters expressing interest in buying EMI, and that the music
group would open its books to all three bidders which are
expected to make presentations to the board next week.

The FT also said that EMI gave the three groups until May 23 --
the time of its annual results -- to make fully financed, formal
offers.

EMI shares went up 18.75 pence to 246.25 pence on the London
Stock Exchange on May 4.

EMI stated that there could be no certainty that any offer will
ultimately be made.

On March 2, EMI rejected Warner Music Group's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on March 1, Standard & Poor's
Ratings Services placed its ratings on Warner Music Group Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications, following the company's statement that it
is exploring a possible merger agreement with EMI Group PLC (BB-
/Watch Neg/B), which EMI management has confirmed.

According to a TCR-Europe report on Jan. 17, Moody's Investors
Service downgraded EMI Group Plc's Corporate Family and senior
debt ratings to Ba3 from Ba2.  All ratings remain under review
for possible further downgrade.


ENERGY MANAGEMENT: Claims Filing Period Ends May 31
---------------------------------------------------
Creditors of Energy Management Advisory Services Ltd. have until
May 31 to send their names and addresses and particulars of
their claims to:

         Matthew Colin Bowker
         Liquidator
         Jacksons Jolliffe
         33 George Street
         Wakefield
         WF1 1LX
         England

Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of the company on
April 26.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.


EPICOR SOFTWARE: Prices US$200 Mil. of 2.375% Sr. Notes Offering
----------------------------------------------------------------
Epicor Software Corporation has priced its previously announced
offering of US$200 million aggregate principal amount of 2.375%
convertible senior notes due 2027.

As part of the offering, the company has granted the
underwriters a 30-day option to purchase up to an additional
US$30 million aggregate principal amount of the notes solely to
cover overallotments, if any.  Assuming the repayment of its
outstanding term loan, Epicor expects the offering to be
accretive to its fiscal 2007 earnings per diluted share.

The notes will pay interest semiannually at a rate of 2.375% per
annum until May 15, 2027.  The notes will be convertible, under
certain circumstances, into cash or, at the Company's option,
cash and shares of the company's common stock, at an initial
conversion rate of 55.2608 shares of common stock per US$1,000
principal amount of notes, which is equivalent to an initial
conversion price of approximately US$18.10 per share.  The
initial conversion price represents a 30% premium over the last
reported sale price of the company's common stock on
May 2, 2007, which was US$13.92 per share.  The notes priced on
May 2, 2007.

Epicor estimates that the net proceeds from this offering will
be approximately US$193.2 million after deducting the
underwriters' discounts and commissions and estimated offering
expenses (or approximately US$222.3 million if the underwriters'
over-allotment option is exercised in full).  The offering is
expected to close on May 8, 2007, subject to customary closing
conditions.

Epicor intends to use the net proceeds from the offering to
repay in full the company's term loan outstanding under its
credit facility.  The balance of the net proceeds will be used
for working capital, capital expenditures and other general
corporate purposes, which may include funding acquisitions of
businesses, technologies or product lines, although Epicor
currently has no commitments or agreements for any such specific
acquisition.  Epicor may also use a portion of the remaining net
proceeds to repurchase outstanding shares of its common stock.

UBS Investment Bank and Lehman Brothers acted as joint book-
running managers for the offering.  Cowen and Company, Needham &
Company, and Piper Jaffray served as co-managers for the
offering.

Copies of the prospectus and preliminary prospectus supplement
relating to the offering may also be obtained from:

          UBS Securities LLC
          Attn: Prospectus Department
          299 Park Avenue
          New York, NY, 10171,
          Tel: (212) 821-3000

             -- or --

          Lehman Brothers
          c/o Broadridge
          1155 Long Island Avenue
          Edgewood, NY 11717
          Fax: (631) 254-7268

Headquartered in Irvine, California, Epicor Software Corp.
-- http://www.epicor.com/www/-- is a provider of enterprise
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in
Australia, Canada, China, Germany, Hong Kong, Indonesia, Italy,
Japan, Korea, Malaysia, Mexico, Singapore, Taiwan, and the
United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 23, 2007, Standard & Poor's Rating Services raised its
corporate credit rating on Irvine, California-based Epicor
Software Corp., to 'BB-' from 'B+'.  The outlook is stable.  The
action reflects successful integration of the CRS Retail
acquisition, continued cash flow generation, and substantially
reduced leverage to about 1.8x in 2006, from 2.9x in 2005.


FORD MOTOR: Navistar Files US$2 Billion Counter Claim
-----------------------------------------------------
Navistar International Corp. has filed an amended complaint
against Ford Motor Co. seeking more than US$2 billion in
damages, Reuters reports.

According to the source, Navistar's amended complaint stemmed
from hints that Ford was planning to develop its own diesel
engine for release prior to 2012.

Navistar, through its International Truck and Engine Corp.
operating company, has been the exclusive diesel engine supplier
for Ford's Super Duty pickup trucks since 1979 and had launched
a new 6.4L Power Stroke(R) for Ford's new Super Duty.

                   Diesel Engine Litigation

In a filing with the U.S. Securities and Exchange Commission,
Ford disclosed that on January 2007, it filed a suit against the
company seeking, among other things, reimbursement for warranty
and related costs involving prior model-year diesel engines
supplied by International Truck.

On Feb. 26, 2006, the Navistar suspended production claiming
that Ford stopped honoring the terms under which the engines
were built.  Ford sought a temporary restraining order from
Judge John J. McDonald of the Circuit Court of Oakland County,
Michigan.

Judge McDonald issued an order on Feb. 28 that required
International Truck to resume production and Ford to pay with no
withholding until a hearing was held.

Navistar entered into a consent injunction with Ford which
Navistar's operating company will continue shipping 6.4L Power
Stroke(R) diesel engines and Ford will pay, without deductions,
for each engine.

              About Navistar International Corp.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: U.S. Sales Decreased 13% to 228,623 in April
--------------------------------------------------------
Ford Motor Co. disclosed in a regulatory filing with the
Securities and Exchange Commission that the company's April U.S.
sales totaled 228,623, down 13% compared with a year ago.

"With April behind us, we remain focused on getting the word out
about the strength of our new products, and our marketing
offensive is moving into high gear," said Mark Fields, Ford's
President of The Americas.  "Customers are responding very
positively to our new 'Ford Challenge' ads that pit Ford
vehicles against the best of the competition, so we're
accelerating our plans."

Currently, Ford said it began airing two new F-Series truck ads
starring Mike Rowe, creator and star of the Discovery Channel's
hit show "Dirty Jobs."  The ads demonstrate the clear advantages
of Ford Tough trucks in safety, strength and capability.

Ford's internal data show that the Ford Challenge campaign has
generated a strong response in product favorability, purchase
consideration and sales.  Following the start of the successful
"Fusion Challenge" ads in January, the Ford Fusion posted
double-digit sales increases throughout the first quarter.

              Strong Crossover Growth Continues

Although April sales for most products were lower than a year
ago, new crossover utilities helped Ford increase its share of
the industry's fastest growing category.  Ford Edge sales were
9,134, and Lincoln MKX sales were 2,901.  In addition, Land
Rover introduced its first crossover utility, the LR2, and first
month sales were 1,302.  Total Ford Motor Company crossover
sales were 28 percent higher than a year ago during April.

"The success of our newest products - Ford Fusion, Edge, Lincoln
MKX, Ford Super Duty and Ford Expedition - gives us
encouragement that we're creating the products our customers
really want, and we're beginning to stabilize our retail market
share," Fields said.

"Three years ago, 70 percent of new Ford Motor Company vehicles
sold in the U.S. were trucks and traditional SUVs. Today, the
balance is nearly 50 percent cars and crossovers, and 50 percent
trucks and SUVs," Fields explained.  "We will continue to
introduce new crossovers and even more small cars in the U.S.,
as they represent the consumer growth segments going forward."

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core
and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: Plans to Open Banking Unit in Russia, Aksakov Says
--------------------------------------------------------------
A financial department of Ford Motor Company is mulling over
plans to open a subsidiary bank in Russia, said Anatoly Aksakov,
deputy chairman of the State Duma Committee for Credit
Organizations and Financial Markets, RIA Novosti relates.

According to the report, the Russian parliament member said he
learned about the company's plan during a meeting with Ford
representatives within the framework of the U.S.-Russia Business
Council in Washington.  Ford Russia President Henrik Nenzen
earlier said the company intends to open seven new plants in
Russia and reach annual production capacity of over one million
cars after 2010.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes
due 2036.


GENERAL MOTORS: April Sales Down 2.2%; Rental Sales Down 36%
------------------------------------------------------------
General Motors Corporation reported that GM dealers in the
United States delivered 311,687 vehicles in April, a reduction
of 2.2% on a sales-day-adjusted basis.  GM's April retail sales
of 228,465 were up 3.6%, on a sales-day-adjusted basis.  There
were two fewer selling days in April this year.

Fifteen different models showed a retail sales increase,
reflecting the continuing strength of GM's new product
portfolio.  So far this year, daily rental sales of 13% of total
sales accounted for the lowest percentage of total sales in five
years.  Daily rental sales were down 23,178 vehicles in April,
or 36% on a sales-day-adjusted basis, compared with a year ago
as mix and quality of share continued to improve significantly.
Consistent with its turnaround strategy, GM has reduced daily
rental sales by more than 83,000 vehicles in the first four
months of 2007.

"April sales were consistent with the pattern of the last few
quarters -- retail sales up, daily rental down, and continued
strength of our launch vehicles," said Mark LaNeve, vice
president, GM North American Sales, Service and Marketing.  "We
are particularly pleased with the Silverado and Sierra pickups,
and from January to March this year we've seen more than a four
point full-size pickup market share increase at the expense of
Toyota, Ford and DCX.  Pickup truck customers are telling us in
today's environment they are shopping for value, fuel economy
and warranty.  GM wins on all three."

Chevrolet Aveo, Impala, Silverado, Suburban, and Avalanche;
Pontiac G6; Saturn Sky and VUE; GMC Sierra, Yukon XL and Canyon;
Cadillac CTS, SRX, Escalade ESV and Escalade EXT all had April
retail sales increases compared with a year ago on a sales-day-
adjusted basis.  Pontiac G5, Saturn Aura and Outlook and the GMC
Acadia are newly-offered products and continue to contribute
retail sales momentum.  The GMC Acadia and Saturn Outlook had
retail sales of more than 9,100 vehicles, pushing a significant
retail increase in GM's mid-crossover segment.

GM's total sales of more than 11,000 vehicles in this segment
pushed monthly performance up 184%, on a sales-day-adjusted
basis, compared with the same month last year.

Total sales of Saturn vehicles were up 29 percent, GMC was up 17
percent and Cadillac was up 2% in April on a sales-day-adjusted
basis.

"As we continue to execute our North American marketing plans,
we've seen positive results, including increased residual values
for our products.  For customers, this means better resale
values for their GM car or truck," LaNeve added.  "With new
products such as the Buick Enclave, Cadillac CTS and Chevrolet
Malibu still to come this year, we expect to build on this
customer enthusiasm."

                     Certified Used Vehicles

April 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,622
units, down 11 percent from last April.  Total year-to-date
certified GM sales are 181,473 units, up 3% from the same period
last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 36,625 sales, down
nearly 10% from last April.  Year-to-date sales for GM Certified
Used Vehicles are 159,409 units, up 4% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted April sales of
2,800 units, down 22% from last April.  Saturn Certified Pre-
Owned Vehicles sold 1,478 units in April, down 17%. Saab
Certified Pre-Owned Vehicles sold 639 units, down 10% from last
April, and HUMMER Certified Pre-Owned Vehicles sold 80 units,
down 30%.

"GM Certified Used Vehicles, the industry's top-selling
certified brand, continues to set the pace for the category,
with sales through April up more than 4 percent," said Mr.
LaNeve.  "April sales were impacted by having two less sales
days than last year.  Certified GM sales year-to-date are up
over 3 percent from the same period last year."

GM North America Reports April Production, 2007 Second-Quarter
Production Forecast is Revised at 1.145 Million Vehicles

In April, GM North America produced 335,000 vehicles (120,000
cars and 215,000 trucks).  This is down 17,000 units or 5%
compared to April 2006 when the region produced 352,000 vehicles
(130,000 cars and 222,000 trucks).  (Production totals include
joint venture production of 15,000 vehicles in April 2007 and
24,000 vehicles in April 2006.)

Additionally, the region's 2007 second-quarter production
forecast is revised at 1.145 million vehicles (403,000 cars and
742,000 trucks), down 15,000 units or 1.3% from last month's
guidance.

GM also announced final 2007 first-quarter and unchanged 2007
second-quarter production forecast for its international
regions.

GM Europe - GM Europe produced 511,000 vehicles in the first-
quarter of 2007.  In the first-quarter of 2006 the region built
494,000 vehicles.  The region's 2007 second-quarter production
forecast remains unchanged at 473,000 vehicles.  In the second-
quarter of 2006 the region built 495,000 vehicles.

GM Asia Pacific - The region built 544,000 vehicles in the
first-quarter of 2007.  In the first-quarter of 2006 the region
produced 472,000 vehicles.  GM Asia Pacific's 2007 second-
quarter production forecast remains unchanged at 568,000
vehicles.  In the second-quarter of 2006 the region built
482,000 vehicles.

GM Latin America, Africa and the Middle East - The region built
222,000 vehicles in the first quarter of 2007.  In the first
quarter of 2006 the region produced 194,000 vehicles.  The
region's 2007 second-quarter production forecast is unchanged at
233,000 vehicles.  In the second quarter of 2006 the region
built 206,000 vehicles.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GENERAL MOTORS: Earns US$62 Million in Quarter Ended March 31
-------------------------------------------------------------
General Motors Corp. reported net income of US$62 million,
including special items, in the first quarter ended
March 31, 2007, compared with net income of US$602 million, in
the year-ago quarter.  Results are preliminary and may be
revised prior to actual filing of GM's first quarter report on
Form 10-Q.

The decline in reported GM earnings is more than accounted for
by losses in the residential mortgage business of GMAC Financial
Services, driven by continued weakness in the U.S. nonprime
mortgage sector.  In addition, last year's results included a
one-time after tax gain of US$395 million due to the sale of a
portion of GM's equity ownership position in Suzuki Motors.

The reported results for the first quarter of 2007 include
unfavorable special items totaling US$32 million after tax
related largely to restructuring actions in Europe and Asia
Pacific, offset in part by a favorable item related to workforce
attrition costs for previously divested components plants.

"The first quarter of 2007 marked another quarter of continued
progress in GM's global automotive operations.  We were able to
expand vehicle sales and improve automotive profitability based
on the progress in our turnaround initiatives in North America
and Europe and our expansion strategy for key growth markets
like China, Russia and South America," said GM chairman and
chief executive officer, Rick Wagoner.  "We continue to see
progress on the automotive bottom line as we implement the
strategies laid out two years ago."

Excluding special items, GM posted adjusted net income of
US$94 million, compared to adjusted net income of US$350 million
in the first quarter of 2006.  Total revenue for the first
quarter of 2007 was US$43.9 billion, down from US$52.4 billion,
almost entirely due to GMAC revenue no longer being included in
GM's consolidated results.  Following the 51 percent equity sale
of GMAC in late 2006, GM is reporting its 49 percent ownership
interest using the equity accounting method.  Automotive revenue
for the first quarter of 2007 was US$42.9 billion, down slightly
from US$43.6 billion in the first quarter of 2006.

                  GM Automotive Operations

Net income from GM's global automotive operations totaled
US$304 million on an adjusted basis, in the first quarter of
2007, compared to US$40 million in the year-ago quarter.

GM sold an all-time first quarter record 2.26 million cars and
trucks in the first quarter of 2007, up 3 percent, or 67,000
units, over the first quarter of 2006.  Sales in the GM Asia
Pacific region grew more than 20 percent; GM Latin America,
Africa and Middle East grew 17 percent, and GM Europe grew 6
percent.  GM's all-time sales record was achieved despite
challenging market conditions in the U.S. largely due to
volatile fuel prices and contraction in the housing market.

                            GMAC

GMAC posted a net loss of US$305 million in the first quarter of
2007, compared to net income of US$495 million in the year-ago
period.  For the first quarter, GM recognized a net loss of
US$115 million associated with its 49 percent ownership of GMAC,
including the accrual of dividends on GMAC preferred membership
interests and certain tax benefits realized.

GMAC results were significantly impacted by a net loss of
US$910 million at Residential Capital LLC due to continued
pressures in the U.S. mortgage market.  GMAC's first quarter net
income generated by auto finance, insurance and other operations
was US$605 million, more than double the earnings generated by
these same operations in the first quarter of 2006.

                     Cash and Liquidity

GM generated adjusted automotive operating cash flow of
US$300 million for the first quarter of 2007, an improvement of
US$1.5 billion year-on-year, with all four regions reporting
improvement.

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$24.7 billion at March 31, 2007, up from US$21.6 billion on
March 31, 2006, but down from the year-end 2006 total of
US$26.4 billion.

At March 31, 2007, the company's balance sheet showed
US$185.2 billion in total assets, US$188.4 billion in total
liabilities, US$1.1 billion in minority interests, resulting in
a US$4.3 billion total stockholders' deficit.

                    About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GENERAL TRADING: Creditors' Meeting Slated for May 16
-----------------------------------------------------
Creditors of General Trading Corporation Ltd. will meet at
11:30 a.m. on May 16 at:

         29-30 Fitzroy Square
         London
         W1T 6ET
         England

Phillip Anthony Roberts will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.


HANDMOUNT LTD: Names Malcolm Edward Fergusson Liquidator
--------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
liquidator of Handmount Ltd. on April 27 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Handmount Ltd.
         Unit 10
         Hurworth Road
         Aycliffe Industrial Park
         Newton Aycliffe
         DL5 6UD
         England
         Tel: 01325 321 821
         Fax: 01325 319 283


HEALING TOUCH: Appoints Martin Williamson as Liquidator
-------------------------------------------------------
Martin Williamson of DSi Services was appointed liquidator of
Healing Touch Ltd. on May 1 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Healing Touch Ltd.
         Unit 25
         Darwin Centre
         Middle Mall
         Shrewsbury
         SY1 1BW
         England
         Tel: 01743 241 994


HINDLEY ELEVATORS: Creditors' Meeting Slated for May 16
-------------------------------------------------------
Creditors of Hindley Elevators Ltd. will meet at 10:30 a.m. on
May 16 at:

         Kilhey Court Hotel
         Chorley Road
         Wigan
         WN1 2XN
         England

Creditors who want to vote at the meeting have until noon on May
15 to submit their proxy forms together with particulars of
their claims or of any security at the office of:

         T.H. Associates
         Towngate House
         116-118 Towngate
         Leyland
         Preston
         PR25 2LQ
         England


ISLE OF CAPRI: Financial Restatements Delay 10-Q Filing with SEC
----------------------------------------------------------------
Isle of Capri Casinos Inc. stated in the NASDAQ Listing
Qualifications Panel hearing held on April 26, 2007, that the
company's failure to file its Form 10-Q for the third fiscal
quarter ended Jan. 28, 2007, by the March 9 due date resulted
from the company's restatement of its financial statements for
the fiscal years ended April 25, 2004; April 24, 2005 and
April 30, 2006, and the quarterly results for fiscal 2005 and
2006 included therein, and for the first two quarters of fiscal
2007.

The company's failure to make a timely quarterly filing meant
that Isle of Capri Casinos is not in compliance with the filing
requirements for continued listing of its common stock on the
NASDAQ Global Select Market as set forth in Marketplace Rule
4310(c)(14).

On April 25, 2007, NASDAQ notified the company that the
Quarterly Report of Form 10-Q that the company filed on April
18, 2007 did not cure the company's deficiency under Marketplace
Rule 4310(c)(14) because the company's independent auditors had
not reviewed it.

The company expects to receive the decision of the NASDAQ
Listing Qualifications Panel within a few weeks, regarding its
request for an exception giving it time for its auditors to
complete their review and for the company to amend the Quarterly
Report on Form 10-Q to meet the requirements of Marketplace Rule
4310(c)(14).  In the meantime, the company's common stock will
remain listed on the NASDAQ Global Select
Market.
                       About Isle of Capri

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and
harness track in Pompano Beach, Florida.  The company also
operates and has a 57 percent ownership interest in two casinos
in Black Hawk, Colorado.  Isle of Capri Casinos' international
gaming interests include a casino that it operates in Freeport,
Grand Bahama and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                          *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Ratings Services affirmed ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating.

At the same time, Standard & Poor's removed the ratings from
CreditWatch, where they were placed on Oct. 4, 2006, with
negative implications.  The outlook is stable.


ISLE OF CAPRI: Will Continue Lucaya Resort Casino Operations
------------------------------------------------------------
The Isle of Capri Casinos Inc. told the St. Louis Business
Journal that it would continue its casino operations at Our
Lucaya Resort in Freeport, Bahamas.

According to The Business Journal, the Isle of Capri has been
the sole casino operator on the Grand Bahama Island since
December 2003.  The Isle of Capri had disclosed that it would
terminate its lease of the property on June 1.

The Business Journal relates that the Isle of Capri is working
with the Freeport government officials to complete an agreement
for the continuation of the firm's casino operations in the
resort.

Isle of Capri President and Chief Operating Officer Tim Hinkley
said in a statement, "We appreciate the diligent efforts put
forth by the Ministry of Tourism, the Gaming Board of the
Bahamas, the Hotel Corporation and government officials as we
worked together to complete this agreement."

Based in Biloxi, Miss., Isle of Capri Casinos Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- owns and operates casinos
in Biloxi, Lula and Natchez, Mississippi; Lake Charles,
Louisiana; Bettendorf, Davenport and Marquette, Iowa; Kansas
City and Boonville, Missouri and a casino and harness track in
Pompano Beach, Florida.  The company also operates and has a 57
percent ownership interest in two casinos in Black Hawk,
Colorado.  Isle of Capri Casinos' international gaming interests
include a casino that it operates in Freeport, Grand Bahama and
a two-thirds ownership interest in casinos in Dudley and
Wolverhampton, England.

                        *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Ratings Services affirmed ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating.

At the same time, Standard & Poor's removed the ratings from
CreditWatch, where they were placed on Oct. 4, 2006, with
negative implications.  S&P said the outlook is stable.


JAMES SHERATON: Creditors' Meeting Slated for May 15
----------------------------------------------------
Creditors of James Sheraton Ltd. will meet at noon on May 15 at:

         Clocktower House
         Trueman Street
         Liverpool
         L3 2BA
         England

Creditors who want to vote at the meeting have until noon on May
14 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 11 at:

         Milner Boardman & Partners
         Century House
         Ashley Road
         Hale
         Cheshire
         WA15 9TG
         England

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.


KL FINISHERS: Joint Liquidators Take Over Operations
----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of KL Finishers Ltd. on April 26 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         KL Finishers Ltd.
         35 Crayford Road
         Acorn Industrial Park
         Dartford
         DA1 4AL
         England
         Tel: 01322 555 165
         Fax: 01322 555 785


LEA VALLEY: Ninos Koumettou Leads Liquidation Procedure
-------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
liquidator of Lea Valley Motors Ltd. on April 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Lea Valley Motors Ltd.
         Second Avenue
         Enfield
         London
         N18 2PG
         England
         Tel: 020 8345 5148


PRIMUS TELECOMMS: March 31 Balance Sheet Upside-Down by US$472MM
----------------------------------------------------------------
PRIMUS Telecommunications Group, Incorporated reported total
assets of US$432.6 million and total liabilities of US$904.8
million, resulting in a total stockholders' deficit of US$472.3
million as of March 31, 2007.

The principal amount of PRIMUS's long-term debt obligations as
of March 31, 2007 was US$688 million, up from US$640 million at
Dec. 31, 2006.

For the first quarter ended March 31, 2007, its net revenue was
US$228 million, down from US$241 million in the prior quarter
and US$269 million in the first quarter 2006.  The company
reported a net loss for the quarter of US$3 million, as compared
with a net loss of US$2 million in the prior quarter and a net
loss of US$16 million in the first quarter 2006.

"We are pleased to have met our expectations for Adjusted EBITDA
in the first quarter, despite expected revenue declines driven
largely by seasonality and the loss of low-margin/low-growth
businesses," stated K. Paul Singh, chairman and chief executive
Officer.

"Significantly, our improving financial performance over the
past year positioned us to execute successfully a number of
important liquidity-enhancing initiatives during the quarter.
Collectively, these initiatives have enabled PRIMUS to: (1)
raise over US$75 million in cash to fund fully our business plan
for 2007 and beyond; and (2) refinance obligations that extend
the nearest material debt maturity to mid-year 2009.  As a
result of these accomplishments, PRIMUS now has the financial
flexibility to make additional investments in our higher margin
and most successful growth businesses as well as to consider
potentially attractive acquisitions.  Any combination of these
actions would be undertaken with an initial goal of increasing
the rate of revenue growth and contribution from broadband,
VOIP, local, data and hosting services."

"Our focus will continue to be on growing the high-margin
broadband, VOIP, local, data and hosting service initiatives
that are performing well with an annualized revenue run-rate of
approximately US$200 million.  That growth has been accomplished
with sales and marketing investment levels constrained by
available cash.  With our newly expanded resources, we now have
the opportunity to consider accelerated growth strategies in
these high-margin products.

"As previously stated, we expect overall revenue to decline in
2007 as compared to 2006, particularly as we continue to prune
or to divest low-margin, or non-core revenue streams.  Our
objective, however, is to generate contribution from growth
products such as broadband, VOIP, local, data and hosting in
excess of the contribution loss from the decline in legacy voice
and dial-up ISP products."

                     Sale of Australian Domain

The company sold its Australian domain name business in the
first quarter 2007.  From an accounting perspective, the sale
has been treated as a "discontinued operation."  In 2006, the
revenue and net income from these operations was US$4 million
and US$1 million, respectively.

                  Liquidity and Capital Resources

PRIMUS ended the first quarter 2007 with a cash balance of
US$111 million, including US$9 million of restricted funds, as
compared to US$73 million, including US$8 million of restricted
funds, as of Dec. 31, 2006.  During the first quarter, a net
US$7 million in cash was used by operating activities.

Free Cash Flow for the first quarter 2007 was negative
US$14 million, as compared with negative US$5 million in the
prior quarter and Free Cash Flow neutral in the first quarter
2006.

To improve liquidity, the company had a private sale in February
2007 of US$24 million principal amount of new 14.25% Second Lien
Notes for cash, the accompanying private exchange of an
additional US$33 million principal amount of 14.25% Second Lien
Notes for US$41 million principal amount of existing 12.75%
Senior Notes; the private sale of US$51 million principal amount
of 14.25% Second Lien Notes for cash in March 2007; the
refinancing of a USUS$28 million Canadian credit facility
scheduled to mature in April 2008 with a new US$35 million
facility with a March 2012 maturity; the refinancing of an US$8
million Australian fiber purchase agreement with an original
maturity of March 2007 to amortize over a two-year period; and
the sale of a domain registration business unit in Australia for
about US$6 million in net cash proceeds.

                  About PRIMUS Telecommunications

Based in McLean, Virginia, PRIMUS Telecommunications Group Inc.
(NASDAQ: PRTL) -- http://www.primustel.com/-- offers
international and domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located
primarily in the U.S., Canada, Australia, the U.K. and western
Europe.   PRIMUS provides services over its global network of
owned and leased transmission facilities, including about 350
points-of-presence throughout the world, ownership interests in
undersea fiber optic cable systems, 16 carrier-grade
international gateway and domestic switches, and a variety of
operating relationships that allow it to deliver traffic
worldwide.


ROEBUCK ELECTRONIQUE: Creditors' Meeting Slated for May 15
----------------------------------------------------------
Creditors of Roebuck Electronique Ltd. will meet at 11:30 a.m.
on May 15 at:

         Wind In The Willows Hotel
         Derbyshire Level
         Glossop
         Derbyshire
         SK13 7PT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 11 at:

         Cresswall Associates Ltd.
         168 Hesketh Lane
         Tarleton
         Preston
         Lancashire
         PR4 6AT
         England


ROYAL & SUN: Policyholders Have Until May 22 to Cancel Insurance
----------------------------------------------------------------
Sun Alliance Insurance Overseas Limited has transferred all its
rights, obligations and liabilities under insurance policies
written by it to Royal & Sun Alliance Insurance plc.  The
transfer, sanctioned by the High Court of Justice in England and
Wales, became effective on March 31.

Policyholders whose insurance policies have been transferred to
Royal & Sun Alliance may cancel their policy, if they want to do
so, on or before May 22.  In the event of cancellation, Royal &
Sun Alliance shall refund to such policyholders the proportion
of any prepaid premium, which relates to the unexpired term of
their policy.

The company can be reached at:

         Royal & Sun Alliance Insurance plc
         St. Mark's Court
         Chart Way
         Horsham
         West Sussex
         RH12 1XL
         England

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100
company, listed on the London Stock Exchange and in New York.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay, and Venezuela.  In Asia, the company
operates in Hong Kong, Singapore, and Saudi Arabia.

                        *     *     *

As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.


SEW-MON LTD: Creditors' Meeting Slated for May 16
-------------------------------------------------
Creditors of Sew-Mon Ltd. will meet at noon on May 16 at the
offices of:

         Parkin S. Booth & Co.
         24 Trinity Square
         Llandudno
         LL30 2RH
         Wales

Robert M. Rutherford of Parkin S. Booth & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period
before the day of the meeting.


SHAW GROUP: To Redeem Up to US$15.2 Million in Outstanding Notes
----------------------------------------------------------------
The Shaw Group Inc. will redeem all remaining outstanding
10-3/4% Senior Notes due 2010.  As of April 30, 2007, the
aggregate principal amount of the remaining outstanding Senior
Notes was US$15,173,000.

Pursuant to the terms of the 10-3/4% Senior Notes Indenture, the
Senior Notes will be redeemed by Shaw on May 31, 2007 at a
redemption price equal to 105.375% of the outstanding principal
amount of the outstanding Senior Notes (US$1,053.75 per US$1,000
in principal amount of the Senior Notes) plus accrued interest
of US$22.67 per US$1,000 in principal amount of the Senior
Notes. Shaw will fund the redemption of the Senior Notes with
cash on hand.  The company expects to record a pre-tax charge of
approximately US$1.1 million, US$0.7 million after taxes in the
third quarter of fiscal 2007 as a result of the early retirement
of remaining outstanding 10-3/4% Senior Notes.

Shaw issued the US$253 million face amount, 10-3/4% Senior Notes
due 2010 in a private offering on March 17, 2003. In May 2005,
Shaw redeemed US$237,856,000 aggregate principal amount of
Senior Notes, 94% of original issuance, pursuant to a tender
offer.  The company paid approximately US$266.8 million to
redeem the Senior Notes, plus accrued interest, and made consent
payments totaling approximately US$5.9 million.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SHEPPINGDEN LTD: Creditors' Meeting Slated for May 16
-----------------------------------------------------
Creditors of Sheppingden Ltd. will meet at 10:30 a.m. on May 16
at the offices of:

         Bennett Verby
         7 St. Petersgate
         Stockport
         Cheshire
         SK1 1EB
         England

Creditors who want to vote at the meeting have until noon on
May 15 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 14.


SKYEPHARMA PLC: Posts GBP77.7 Million Net Loss in Full Year 2006
----------------------------------------------------------------
Skyepharma PLC released its financial results for the year ended
Dec. 31, 2006.

Skyepharma posted GBP77.7 million in net losses against GBP43
million in revenues for the year ended Dec. 31, 2006, compared
with GBP50.9 million in net losses against GBP50.8 million
revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed GBP107.7
million in total assets, GBP156.1 million in total liabilities
and GBP48.4 million to stockholders' deficit.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with GBP27.5 million in current assets
available to pay GBP42.8 million in total liabilities coming due
within the next 12 months.

"The past year was one of significant transition that has
established a new direction for SkyePharma," Dr. Jerry
Karabelas, Non-Executive Chairman, said.  "The new management
team has successful completed a fundamental restructuring of the
Company's operations and finances and SkyePharma is now well
placed to move forward.  Our key priorities in the coming year
will be to complete the US clinical trial program for our lead
asthma product, Flutiform(TM), and to leverage the Company's
skills and technologies in oral and inhalation drug delivery."

                           Financing

Ahead of the sale of the Injectable Business, Skyepharma
arranged a royalty and asset based financing facility from
Christofferson Robb & Co. for approximately GBP35 million.  Upon
completion of the sale in March 2007, the Group also completed a
refinancing of the Paul Capital facility and an equity placing
for GBP14.8 million (net of costs).  This financial
restructuring together with the consideration received for the
Injectable Business has greatly improved the Group's cash
position and will result in a substantial reduction of the cost
of the Paul Capital finance charges in 2007 compared with 2006.
In 2007, Skyepharma will commence work on refinancing the
GBP89.6 million convertible bonds so that the earliest
redemption dates are extended in order to more closely match the
liquidity profile of the Group.

                      Going Concern Doubt

The Group has in issue GBP69.6 million bonds which may be
converted into Ordinary Shares at 95 pence per share, and may be
called for repayment by the bond holders at par during May 2009
and GBP20 million bonds which may be converted into Ordinary
Shares at 58 pence per share, and may be called for repayment by
the bond holders at par during the following year.  The
Directors intend to seek to refinance these bonds well before
May 2009 in order to ensure that the earliest repayment dates
are extended to match more closely the Group's expected cash
inflows.  The ability to refinance the convertible bonds in a
timely and cost-effective manner will depend upon market
conditions as well as continued progress with the Group's
business, especially the development of Flutiform(TM).  Although
the application of drug delivery technologies to known molecules
is lower risk than drug development, there can be no absolute
certainty that Flutiform(TM) will successfully complete
development and be launched in the United States in 2009.
Nevertheless, the Directors have a reasonable expectation that
these risks can be managed to a successful outcome.

Accordingly, following the financial restructuring completed in
March 2007, and having made an assessment of the working capital
requirements for the next twelve months, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future and
have, therefore, prepared financial information on a going
concern basis.

                             Outlook

In 2007, since new products are planned to be launched towards
the end of the year, revenues are unlikely to show a significant
increase compared with 2006.  Skyepharma expects that there will
be some reduction in sales, general and administration costs
compared with 2006, but these savings are likely to be more than
offset by the planned costs of completing the Phase III clinical
trials for Flutiform(TM) during 2007.

In 2008, as the research and development costs scale back to a
more normal level and pipeline products come to market, the
Group's objective is to move into operating profit (before
finance costs).  The Group has set a target to become profitable
(after tax) in 2009.  Its goal remains to deliver long-term
value for shareholders.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.


SKYEPHARMA PLC: Delisting American Depositary Shares from NASDAQ
----------------------------------------------------------------
SkyePharma PLC will delist its American Depositary Shares, each
representing the right to receive ten ordinary shares of ten
pence each of SkyePharma, from The NASDAQ Stock Market and,
pursuant to the newly adopted Rule 12h-6(a) under the U.S.
Securities Exchange Act of 1934, deregister and terminate
SkyePharma's reporting obligations under Sections 13(a) and
15(d) of Exchange Act.

SkyePharma's Board of Directors authorized this action based on
its assessment that (a) continued compliance with the rules of
the U.S. Securities Exchange Commission and NASDAQ, in
particular Section 404 of the Sarbanes-Oxley Act of 2002, would
be expensive and burdensome for a company such as SkyePharma
considering the limited benefits it might realize and (b) all
investors in the Ordinary Shares and ADSs of SkyePharma are
accorded protection by SkyePharma's continued compliance with
the rules of the London Stock Exchange, on which it will
maintain its listing, the Combined Code and other U.K.
regulations.

In accordance with SEC rules and the rules of NASDAQ, SkyePharma
has provided written notice to NASDAQ of its intent to delist.
SkyePharma intends to file a Form 25 with the SEC on May 14,
2007 to effect the delisting.  The delisting will be effective
ten days after filing the Form 25, unless the Form 25 is earlier
withdrawn by SkyePharma.  SkyePharma reserves the right to delay
the filing of the Form 25 or withdraw the Form 25 for any reason
prior to its effectiveness.

SkyePharma intends to file a Form 15F with the SEC to deregister
and terminate its reporting obligations under Section 13(a) and
15(d) of the Exchange Act as soon as practicable following the
later of the effectiveness of the delisting and the coming into
force of new Rule 12h-6 on June 4.  The deregistration will be
effective 90 days after the filing, unless the Form 15F is
earlier withdrawn by SkyePharma. SkyePharma reserves the right
to delay the filing of the Form 15F or withdraw the Form 15F for
any reason prior to its effectiveness.

SkyePharma has not arranged for the listing of its ADSs or
ordinary shares on another national securities exchange or for
the quotation of its ordinary shares in a quotation medium in
the United States.

SkyePharma intends to maintain its American Depositary Receipt
facility relating to the ADSs with The Bank of New York.  The
ADSs will trade over-the-counter in the United States.

"The US remains a very important market for SkyePharma, both as
a market for our products and for investors in our Company,
Frank Condella, Chief Executive Officer of Skyepharma PLC, said.
"However, the time and expense associated with maintaining a
second listing in the US is not cost effective, given that the
vast majority of our trading volume and liquidity is on the
London Stock Exchange.  This move will save costs and enable
management to spend more time in developing the business."

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilisation capabilities.

Skyepharma posted GBP77.7 million in net losses against GBP43
million in revenues for the year ended Dec. 31, 2006, compared
with GBP50.9 million in net losses against GBP50.8 million
revenues for the same period in 2005.

At Dec. 31, 2006, the company's balance sheet showed GBP107.7
million in total assets, GBP156.1 million in total liabilities
and GBP48.4 million to stockholders' deficit.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with GBP27.5 million in current assets
available to pay GBP42.8 million in total liabilities coming due
within the next 12 months.

                       Going Concern Doubt

The Group has in issue GBP69.6 million bonds which may be
converted into Ordinary Shares at 95 pence per share, and may be
called for repayment by the bond holders at par during May 2009
and GBP20 million bonds which may be converted into Ordinary
Shares at 58 pence per share, and may be called for repayment by
the bond holders at par during the following year.  The
Directors intend to seek to refinance these bonds well before
May 2009 in order to ensure that the earliest repayment dates
are extended to match more closely the Group's expected cash
inflows.  The ability to refinance the convertible bonds in a
timely and cost-effective manner will depend upon market
conditions as well as continued progress with the Group's
business, especially the development of Flutiform(TM).  Although
the application of drug delivery technologies to known molecules
is lower risk than drug development, there can be no absolute
certainty that Flutiform(TM) will successfully complete
development and be launched in the United States in 2009.
Nevertheless, the Directors have a reasonable expectation that
these risks can be managed to a successful outcome.

Accordingly, following the financial restructuring completed in
March 2007, and having made an assessment of the working capital
requirements for the next twelve months, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future and
have, therefore, prepared financial information on a going
concern basis.


SOLUTIA INC: March 31 Balance Sheet Upside-Down by US$1.3 Bil.
--------------------------------------------------------------
                  Solutia Chapter 11 Debtors
              Unaudited Statement of Consolidated
                      Financial Position
                     As of March 31, 2007

                          ASSETS

Cash                                              US$26,000,000
Trade Receivables, net                              195,000,000
Account Receivables-Unconsolidated Subsidiaries      77,000,000
Inventories                                         201,000,000
Other Current Assets                                245,000,000
                                                 --------------
Total Current Assets                                744,000,000

Property, Plant and Equipment, net                  661,000,000
Investments in Subsidiaries and Affiliates          571,000,000
Intangible Assets, net                              100,000,000
Other Assets                                         59,000,000
                                                 --------------
Total Assets                                   US$2,135,000,000

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                 US$205,000,000
Short Term Debt                                     975,000,000
Other Current Liabilities                           146,000,000
                                                 --------------
Total Current Liabilities                         1,326,000,000


Other Long-Term Liabilities                         193,000,000
                                                 --------------
Total Liabilities not Subject to Compromise       1,519,000,000

Liabilities Subject to Compromise                 1,922,000,000

Shareholders' Deficit                            (1,306,000,000)
                                                 --------------
Total Liabilities & Shareholders' Deficit      US$2,135,000,000

                  Solutia Chapter 11 Debtors
        Unaudited Consolidated Statement of Operations
              For the Month Ended March 31, 2007

Total Net Sales                                  US$215,000,000
Total Cost Of Goods Sold                            189,000,000
                                                 --------------
Gross Profit                                         26,000,000

Total MAT Expense                                    18,000,000
                                                 --------------
Operating Income (Loss)                               8,000,000

Equity Earnings from Affiliates                       3,000,000
Interest Expense, net                                (4,000,000)
Other Income, net                                     4,000,000
Loss on Debt Modification                            (7,000,000)

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs                        0
Other                                                         0
                                                 --------------
                                                     (6,000,000)
                                                 --------------
Loss Before Taxes                                    (2,000,000)

Income tax expense (benefit)                          1,000,000
                                                 --------------
Net Loss                                          (US$3,000,000)

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Gets Open-Ended Lease Decision Deadline
----------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York gave Solutia Inc.
and its debtor-affiliates authority to assume or reject
unexpired leases until the 10th day prior to the confirmation
hearing of any modified plan.

The TCR-Europe on April 30 relates that as of April 18, 2007,
the Debtors are parties to approximately 30 unexpired non-
residential real property leases, which the Debtors
use in connection with their operations throughout the world.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
informed the Court that many of the Debtors' offices, from which
they conduct key aspects of their operations, are located on
premises subject to certain of the unexpired leases.  The
unexpired leases are integral to the continued operation of the
Debtors' businesses and constitute valuable assets of the
estates, Mr. Henes said.

According to Mr. Henes, the Debtors are currently actively
working with their stakeholders towards finalizing a modified
Plan of Reorganization, which they believe will contemplate the
same assumption and rejection procedures outlined in the Plan
for the unexpired leases.  He explained that until the modified
Plan is finalized, the Debtors will not be in a position to make
a final determination to assume or reject the unexpired leases.

Mr. Henes assured the Court that the Debtors are current under
theUnexpired Leases and have the financial wherewithal to
continue tomake all payments under the unexpired leases.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SULLIVAN BUSES: Creditors' Meeting Slated for May 16
----------------------------------------------------
Creditors of Sullivan Buses (South) Ltd. will meet at 11:00 a.m.
on May 16 at:

         The Kelmanson Partnership
         AVCO House
         6 Albert Road
         Barnet
         Herts
         EN4 9SH
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 14 at The Kelmanson Partnership.


SUPERSLEEP LTD: Creditors' Meeting Slated for May 15
----------------------------------------------------
Creditors of Supersleep Ltd. will meet at 10:30 a.m. on May 15
at:

         Nottingham Watson Ltd.
         15 Highfield Road
         Hall Green
         Birmingham
         B28 0EL
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 11 at the ofices
of Nottingham Watson Ltd.


UEC HOLDINGS: Hires Liquidators from CLB Coopers
------------------------------------------------
Mark Terence Getliffe and Diane Elizabeth Hill of CLB Coopers
were appointed joint liquidators of UEC Holdings Ltd. (formerly
U.E.C. Group Ltd.) on April 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         UEC Holdings Ltd.
         Rossfield Road
         Ellesmere Port
         CH65 3BS
         England
         Tel: 0151 355 0111


UPSTAIRS DOWNSTAIRS: Brings In Liquidators from Wilson Field
------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of Upstairs Downstairs Bathrooms & Kitchens Ltd. on
April 23 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Upstairs Downstairs Bathrooms & Kitchens Ltd.
         Abingdon Road
         Nuffield Industrial Estate
         Poole
         BH17 0UG
         England
         Tel: 01202 460 470
         Fax: 01202 773 477


VISTEON CORP: March 31 Balance Sheet Upside-Down by US$106 Mil.
---------------------------------------------------------------
Visteon Corporation reported a net loss of US$153 million on
total sales of US$2.93 billion for the first quarter ended
March 31, 2007, compared with net income of US$3 million on
total sales of US$2.96 billion for the same period in 2006.

Results for the first quarter of 2007 included US$41 million of
expenses reimbursable from the 400 million escrow account funded
by Ford and non-cash asset impairments of US$50 million.
Results for the first quarter of 2006 included US$9 million of
restructuring expenses that qualified for reimbursement from the
escrow account.

"We continue to make progress implementing our restructuring,
improvement and growth plan, despite North American production
declines," said Michael F. Johnston, chairman and chief
executive officer.  "We anticipated this environment, and we
have taken the necessary steps to ensure we have the financing
and flexibility we need to continue our momentum."

Total sales for first quarter 2007 totaled US$2.93 billion.
First quarter 2007 product sales were US$2.8 billion, down
slightly from first quarter 2006 as favorable currency and
increased sales in Europe and Asia were offset by lower
production volumes, principally in North America.  Services
revenues of US$130 million decreased US$15 million from the same
period in 2006.

Cash used by operating activities for the first quarter of 2007
was US$131 million compared with cash provided by operating
activities of US$32 million in the same period a year ago.
First quarter 2007 cash flow was impacted by normal seasonal
factors, customer and geographic sales mix, the change in
payment terms from Ford in North America and operating
performance.

Capital expenditures for the first quarter of 2007 of US$64
million were US$21 million lower than the same period a year
ago.  Free cash flow for the first quarter of 2007 was negative
US$195 million, compared with negative US$117 million in the
same period of 2006.

As of March 31, 2007, cash balances totaled US$872 million as
compared to US$1.057 billion at Dec. 31, 2006.  Total debt of
US$2.2 billion as of March 31, 2007 was essentially unchanged
from year-end 2006.

Visteon reached agreement to sell certain chassis operations in
Germany, Poland and Brazil to Special Situations Venture Partner
II LP in March 2007.  On April 30 the European facilities were
transferred to SSVP.  Driveline assets located in Visteon's Sao
Paulo, Brazil facility will be transferred in the second half of
2007.

"With the completion of these chassis divestitures, half of the
actions we committed to take in our multi-year plan are
complete," said Don Stebbins, president and chief operating
officer.  "By addressing non-core and underperforming assets we
continue to enhance our already strong global footprint, as we
focus on our core product areas and position Visteon for
profitable growth."

At March 31, 2007, the company's balance sheet showed
US$6.84 billion in total assets, US$6.68 billion in total
liabilities and US$263 million in minority interest, resulting
in a US$106 million total stockholders' deficit.

                       About Visteon Corp.

Headquartered in Van Buren Township, Mich., Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


* Menzies Chartered Accountants Merges With Callingham Crane
------------------------------------------------------------
Menzies Chartered Accountants announced April 13, its merger
with accountancy firm Callingham Crane.

The move enables Menzies to expand and further develop its
expertise in Private Client and Wealth Management work, in
particular trusts and tax planning.  Menzies' existing Private
Client service will benefit from Callingham Crane's experience
and long-standing reputation in landed estates and trust
administration work.  The merger will enhance Menzies' Private
Client service and is expected to provide the firm with a
competitive edge over South East rivals.

Mike Sands, Senior Partner at Menzies, sees Wealth Management as
a key area for growth and investment but believes the merger
will deliver mutual benefits to both sets of clients:

"I am confident that Callingham Crane's business clients will
benefit from our corporate expertise and resources.  At the same
time the increased capabilities in personal tax and wealth
management as a result of the merger will enable us to establish
in Leatherhead a centre of excellence for Private Client work in
the South East," Mr. Sands explained.

Menzies Partner Penny Bates will assume responsibility for the
strategic growth and development of the firm's expanded Private
Client service, working with Callingham Crane's Peter Earle and
David Barratt, who will continue to advise.

The office will be known as Menzies Callingham Crane and will be
lead by Managing Partner of the Leatherhead office, Steve
Mitchison.  The combined firm will also be relocating to its new
office at Ashcombe House, 5 The Crescent, Leatherhead.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Hamon S.A.                HAMO       (12)         236      (58)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pagesjaunes GRP           PAJ      (2718)        1121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (73)          68      (37)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (166)         706   (1,320)
Mariupolsky Meta          MMKI      (394)         172    (1640)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *